Riot Blockchain (RIOT) 10-Q 9 Aug 23 2023 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Aug. 07, 2023
Document And Entity Information Abstract
Entity Registrant Name	RIOT PLATFORMS, INC.
Trading Symbol	RIOT
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		185,305,831
Amendment Flag	false
Entity Central Index Key	0001167419
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-33675
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	84-1553387
Entity Address, Address Line One	3855 Ambrosia Street
Entity Address, Address Line Two	Suite 301
Entity Address, City or Town	Castle Rock
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80109
City Area Code	(303)
Local Phone Number	794-2000
Title of 12(b) Security	Common Stock, no par value per share
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 289,176	$ 230,328
Accounts receivable, net	13,181	26,932
Contract assets, including retainage of $4,222 and $3,012, respectively	19,063	19,743
Prepaid expenses and other current assets	20,132	32,661
Bitcoin	140,931	109,420
Future power credits, current portion	271	24,297
Total current assets	482,754	443,381
Property and equipment, net	699,637	692,555
Deposits	30,414	42,433
Finite-lived intangible assets, net	18,622	21,477
Derivative asset	104,828	97,497
Operating lease right-of-use assets	21,221	21,673
Future power credits, less current portion	638	638
Other long-term assets	816	310
Total assets	1,358,930	1,319,964
Current liabilities
Accounts payable	12,616	18,445
Contract liabilities	3,117	8,446
Accrued expenses	27,307	65,464
Deferred gain on acquisition post-close dispute settlement	26,007
Deferred revenue, current portion	2,670	2,882
Contingent consideration liability - future power credits, current portion	271	24,297
Operating lease liability, current portion	2,343	2,009
Total current liabilities	74,331	121,543
Deferred revenue, less current portion	16,853	17,869
Operating lease liability, less current portion	19,510	20,242
Contingent consideration liability - future power credits, less current portion	638	638
Other long-term liabilities	6,688	8,230
Total liabilities	118,020	168,522
Commitments and contingencies - Note 16
Stockholders' equity
Preferred stock, no par value, 15,000,000 shares authorized:
Common stock, no par value; 340,000,000 shares authorized; 182,250,554 and 167,751,112 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively	2,080,627	1,907,784
Accumulated deficit	(839,717)	(756,342)
Total stockholders' equity	1,240,910	1,151,442
Total liabilities and stockholders' equity	$ 1,358,930	$ 1,319,964

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) $ in Thousands	Jun. 30, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares
Contract assets, retainage | $	$ 4,222	$ 3,012
Preferred stock, par value (in Dollars per share) | $ / shares
Preferred stock, shares authorized	15,000,000	15,000,000
Common stock, par value (in Dollars per share) | $ / shares
Common stock, shares authorized	340,000,000	340,000,000
Common stock, shares issued	182,250,554	167,751,112
Common stock, shares outstanding	182,250,554	167,751,112
2% Series A Convertible Stock
Preferred stock convertible conversion ratio	2	2
Preferred stock, shares authorized	2,000,000	2,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
0% Series B Convertible Stock
Preferred stock convertible conversion ratio	0	0
Preferred stock, shares authorized	1,750,001	1,750,001
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue:
Total revenue	$ 76,739	$ 72,947	$ 149,975	$ 152,734
Costs and expenses:
Acquisition-related costs				78
Selling, general, and administrative	19,836	10,713	32,511	21,545
Depreciation and amortization	66,162	20,562	125,502	34,807
Change in fair value of derivative asset	(13,109)	(60,931)	(7,331)	(104,614)
Power curtailment credits	(13,470)	(5,706)	(16,545)	(8,258)
Change in fair value of contingent consideration				176
Realized gain on sale of Bitcoin	(19,828)	(15,260)	(33,603)	(24,925)
Gain (loss) on sale/exchange of equipment	30	(8,614)	30	(8,614)
Casualty-related charges			1,526
Impairment of Bitcoin	5,638	101,419	10,110	127,289
Impairment of goodwill		335,648		335,648
Total costs and expenses	109,222	426,185	239,285	467,114
Operating income (loss)	(32,483)	(353,238)	(89,310)	(314,380)
Other income (expense):
Interest income (expense)	4,843		1,013	(357)
Realized loss on sale of marketable equity securities		(1,624)		(1,624)
Unrealized loss on marketable equity securities		(4,837)		(6,448)
Other income (expense)	65	(59)	65	(59)
Total other income (expense)	4,908	(6,520)	1,078	(8,488)
Net income (loss) before taxes	(27,575)	(359,758)	(88,232)	(322,868)
Current income tax benefit (expense)	(112)	(427)	(188)	(739)
Deferred income tax benefit (expense)	0	6,626	5,045	6,626
Total income tax benefit (expense)	(112)	6,199	4,857	5,887
Net income (loss)	$ (27,687)	$ (353,559)	$ (83,375)	$ (316,981)
Basic net income (loss) per share (in Dollars per share)	$ (0.17)	$ (2.71)	$ (0.51)	$ (2.56)
Diluted net income (loss) per share (in Dollars per share)	$ (0.01)	$ (2.71)	$ (0.35)	$ (2.56)
Basic weighted average number of shares outstanding (in Shares)	167,342,813	130,405,502	162,559,956	123,760,839
Diluted weighted average number of shares outstanding (in Shares)	167,342,813	130,405,502	162,559,956	123,760,839
Mining
Revenue:
Total revenue	$ 49,742	$ 46,151	$ 97,765	$ 104,096
Costs and expenses:
Cost of revenues	23,647	17,995	45,546	37,089
Data Center Hosting
Revenue:
Total revenue	7,661	9,834	16,703	19,528
Costs and expenses:
Cost of revenues	22,134	15,184	47,794	30,169
Engineering
Revenue:
Total revenue	19,312	16,938	35,459	29,062
Costs and expenses:
Cost of revenues	18,182	15,175	33,745	26,724
Other revenue
Revenue:
Total revenue	$ 24	$ 24	$ 48	$ 48

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders Equity - USD ($) $ in Thousands	Preferred Stock	Common Stock	Accumulated deficit	Total
Balance at Dec. 31, 2021	$ 11	$ 1,595,147	$ (246,789)	$ 1,348,369
Balance (in Shares) at Dec. 31, 2021	2,199	116,748,472
Issuance of restricted stock, net of forfeitures and delivery of common stock underlying stock awards, net of tax withholding		$ (8,815)		(8,815)
Issuance of restricted stock, net of forfeitures and delivery of common stock underlying stock awards, net of tax withholding (in shares)		675,685
Issuance of common stock/At-the-market offering, net of offering costs		$ 267,022		267,022
Issuance of common stock/At-the-market offering, net of offering costs (in Shares)		30,559,817
Conversion of preferred stock to common stock	$ (11)	$ 11
Conversion of preferred stock to common stock (in Shares)	(2,199)	2,199
Stock-based compensation		$ 3,743		3,743
Net Income (Loss)			(316,981)	(316,981)
Balance at Jun. 30, 2022		$ 1,857,108	(563,770)	1,293,338
Balance (in Shares) at Jun. 30, 2022		147,986,173
Balance at Mar. 31, 2022		$ 1,589,893	(210,211)	1,379,682
Balance (in Shares) at Mar. 31, 2022		117,304,304
Issuance of restricted stock, net of forfeitures and delivery of common stock underlying stock awards, net of tax withholding		$ (508)		(508)
Issuance of restricted stock, net of forfeitures and delivery of common stock underlying stock awards, net of tax withholding (in shares)		122,052
Issuance of common stock/At-the-market offering, net of offering costs		$ 267,022		267,022
Issuance of common stock/At-the-market offering, net of offering costs (in Shares)		30,559,817
Stock-based compensation		$ 701		701
Net Income (Loss)			(353,559)	(353,559)
Balance at Jun. 30, 2022		$ 1,857,108	(563,770)	1,293,338
Balance (in Shares) at Jun. 30, 2022		147,986,173
Balance at Dec. 31, 2022		$ 1,907,784	(756,342)	1,151,442
Balance (in Shares) at Dec. 31, 2022		167,751,112
Issuance of restricted stock, net of forfeitures and delivery of common stock underlying stock awards, net of tax withholding		$ (12,951)		(12,951)
Issuance of restricted stock, net of forfeitures and delivery of common stock underlying stock awards, net of tax withholding (in shares)		(1,447,723)
Issuance of common stock/At-the-market offering, net of offering costs		$ 184,661		184,661
Issuance of common stock/At-the-market offering, net of offering costs (in Shares)		15,877,000
Issuance of common stock in connection with acquisition of ESS Metron (in Shares)		70,165
Stock-based compensation		$ 1,133		1,133
Net Income (Loss)			(83,375)	(83,375)
Balance at Jun. 30, 2023		$ 2,080,627	(839,717)	1,240,910
Balance (in Shares) at Jun. 30, 2023		182,250,554
Balance at Mar. 31, 2023		$ 1,904,175	(812,030)	1,092,145
Balance (in Shares) at Mar. 31, 2023		166,966,766
Issuance of restricted stock, net of forfeitures and delivery of common stock underlying stock awards, net of tax withholding		$ (11,638)		(11,638)
Issuance of restricted stock, net of forfeitures and delivery of common stock underlying stock awards, net of tax withholding (in shares)		(663,377)
Issuance of common stock/At-the-market offering, net of offering costs		$ 184,661		184,661
Issuance of common stock/At-the-market offering, net of offering costs (in Shares)		15,877,000
Issuance of common stock in connection with acquisition of ESS Metron (in Shares)		70,165
Stock-based compensation		$ 3,429		3,429
Net Income (Loss)			(27,687)	(27,687)
Balance at Jun. 30, 2023		$ 2,080,627	$ (839,717)	$ 1,240,910
Balance (in Shares) at Jun. 30, 2023		182,250,554

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)
Operating activities
Net Income (Loss)	$ (353,559)	$ (83,375)	$ (316,981)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Stock-based compensation		1,133	3,743
Depreciation and amortization	20,562	125,502	34,807
Amortization of license fee revenue		(48)	(48)
Noncash lease expense		1,134	807
Deferred income tax expense (benefit)		(5,045)	(6,626)
Impairment of Bitcoin	101,419	10,110	127,289
Impairment of goodwill	335,648		335,648
Change in fair value of derivative asset		(7,331)	(104,614)
Change in fair value of contingent consideration			176
Realized loss on sale of marketable equity securities			1,624
Realized gain on sale of Bitcoin	(15,260)	(33,603)	(24,925)
Unrealized loss on marketable equity securities	4,837		6,448
Gain (loss) on sale/exchange of equipment	(8,614)	30	(8,614)
Casualty-related charges		1,526
Bitcoin Mining revenue		(97,765)	(104,096)
Proceeds from sale of Bitcoin		89,162	33,116
Changes in assets and liabilities:
(Increase)/decrease in operating assets		29,226	18,983
Increase/(decrease) in operating liabilities		(36,440)	(11,130)
Net cash provided by (used in) operating activities		(5,784)	(14,393)
Investing activities
Proceeds from the sale of marketable equity securities			704
Deposits on equipment			(192,485)
Security deposits			(709)
Purchases of property and equipment, including construction in progress		(107,424)	(77,403)
Patent costs incurred		(34)	(28)
Net cash provided by (used in) investing activities		(107,458)	(269,921)
Financing activities
Proceeds from the issuance of common stock / At-the-market offering		188,430	272,737
Offering costs for the issuance of common stock / At-the-market offering		(3,769)	(5,715)
Payments on contingent consideration liability - future power credits			(15,725)
Proceeds from Credit and Security Facility		880
Repayments of Credit and Security Facility		(500)
Repurchase of common shares to pay employee withholding taxes		(12,951)	(8,815)
Net cash provided by (used in) financing activities		172,090	242,482
Net increase (decrease) in cash and cash equivalents		58,848	(41,832)
Cash and cash equivalents at beginning of period		230,328	312,315
Cash and cash equivalents at end of period	270,483	289,176	270,483
Supplemental information:
Cash paid for interest		17
Non-cash transactions
Reclassification of deposits to property and equipment		33,273	96,348
Construction in progress included in accrued expenses		7,353	2,020
Bitcoin exchanged for employee compensation	1,362	585	1,362
Conversion of preferred stock to common stock			11
Right of use assets exchanged for new operating lease liabilities	$ 8,784	$ 682	8,784
Property and equipment obtained in exchange transaction			$ 10,409

Organization and Operation of O

Organization and Operation of Our Business	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Organization and Operation of Our Business	Note 1. Organization and Operation of Our Business Nature of Operations Riot is a vertically integrated Bitcoin mining company principally engaged in enhancing our capabilities to mine Bitcoin in support of the Bitcoin blockchain. The Company also provides comprehensive and critical infrastructure for its own Bitcoin Mining, as well as provides such infrastructure for institutional-scale hosted clients to mine Bitcoin at its Bitcoin mining facility in Rockdale, Texas (the “Rockdale Facility”). Currently, the Rockdale Facility has 700 megawatts (“MW”) in total developed capacity for Riot’s Bitcoin Mining and Data Center Hosting services for institutional-scale hosted clients. The Company is also developing a second large-scale Bitcoin Mining and Data Center Services facility located outside of Corsicana, Texas (the “Corsicana Facility”), which, upon completion, is expected to have approximately one gigawatt of capacity available for Riot’s Bitcoin Mining and Data Center Hosting services for institutional-scale hosted clients. The Company also provides Engineering services, which includes providing engineered electrical equipment products to third-party customers and customized electrical infrastructure essential to the Company’s Bitcoin Mining and hosting of institutional-scale clients. ​ As described in Note 19. Segment Information

Liquidity and Financial Conditi

Liquidity and Financial Condition	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Liquidity and Financial Condition	Note 2. Liquidity and Financial Condition At June 30, 2023, the Company had approximate balances of cash and cash equivalents of $289.2 million, working capital of $408.4 million, total stockholders’ equity of $1.2 billion and an accumulated deficit of $839.7 million. To date, the Company has, in large part, relied on equity financing to fund its operations and growth. During the six months ended June 30, 2023, the Company sold 3,575 Bitcoin for proceeds of approximately $89.2 million. The Company monitors its balance sheet on an ongoing basis and continuously evaluates the level of Bitcoin retained from monthly production in consideration of cash requirements and its ongoing operations and expansion. Bitcoin is classified on the balance sheet as a current asset due to its ability to be sold in a highly liquid marketplace and the Company’s intent to liquidate its Bitcoin to support its operations when needed. During the six months ended June 30, 2023, the Company issued 15,877,000 shares of common stock, at a weighted average price of $11.87 per share, for net proceeds of approximately $184.7 million. During July 2023, the Company issued 570,645 shares of common stock, at a weighted average price of $11.78 per share, for net proceeds of approximately $6.6 million (see Note 13. Stockholders’ Equity Inflation The Company has experienced, and is experiencing, the impact of domestic and global inflationary pressures largely outside of its control, as well as the impact of central banks’ responses to such pressures. This inflationary pressure impacts the Company’s cost structure by increasing the cost of materials, parts, and labor, making both its operations and development more expensive, despite a continued focus on controlling our costs where possible. The development of the Corsicana Facility has been impacted by increased materials prices, labor costs, and higher rates for services, all of which may adversely affect the Company’s ability to complete the planned expansion on time and within its anticipated budget. Management is unable to accurately predict when, or if, these inflationary pressures will subside, or whether and to what extent a broad-based economic recession will arise in connection with these pressures. As a result, management is unable to predict the impact these inflationary pressures and possible follow-on conditions may have on the business and results of operations, as well as access to financing. See the Company’s 2022 Annual Report for additional discussion regarding the potential impacts of sustained, elevated inflationary pressures may have on its operations and plans for expansion.

Basis of Presentation, Summary

Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements	Note 3. Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the accounting principles generally accepted in the United States of America (“GAAP”). In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation of such interim results. Amounts are stated in thousands of U.S. Dollars except for share, per share and miner amounts. The results in the accompanying unaudited condensed consolidated statements of operations are not necessarily indicative of results to be expected for the fiscal year ending December 31, 2023 or for any future interim period. The accompanying unaudited condensed consolidated financial statements do not include all the information and notes required by GAAP for complete financial statements and, as such, should be read in conjunction with the consolidated financial statements for the fiscal year ended December 31, 2022, and notes thereto, included in the 2022 Annual Report. Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the balance sheet and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ significantly from those estimates. The most significant accounting estimates inherent in the preparation of the Company’s financial statements include estimates associated with valuing contingent consideration for a business combination and periodic reassessment of its fair value, allocating the fair value of purchase consideration to assets acquired and liabilities assumed in business acquisitions, revenue recognition, valuing the derivative asset classified under Level 3 fair value hierarchy, determining the useful lives and recoverability of long-lived assets, impairment analysis of goodwill, fixed assets, and finite-lived intangibles, stock-based compensation, and the valuation allowance associated with the Company’s deferred tax assets. Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation in the unaudited condensed consolidated financial statements and these accompanying notes. The reclassifications did not have a material impact on the Company’s unaudited condensed consolidated financial statements and related disclosures. The impact on any prior period disclosures was immaterial. Significant Accounting Policies For a detailed discussion about the Company’s significant accounting policies, see the Company’s 2022 Annual Report. Recently Issued and Adopted Accounting Pronouncements The Company has evaluated all recently issued accounting pronouncements and believes such pronouncements do not have a material effect on the Company’s financial statements.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customers	Note 4. Revenue from Contracts with Customers Disaggregated revenue Revenue disaggregated by reportable segment is presented in Note 19. Segment Information Contract balances Contract assets relate to uncompleted Engineering contracts. As of June 30, 2023 and December 31, 2022, contract assets were $19.1 million and $19.7 million, respectively. Contract liabilities primarily relate to upfront payments and consideration received for Data Center Hosting services and uncompleted Engineering contracts. The following table presents changes in contract liabilities and deferred revenue: ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ ​ June 30, 2023 Beginning balance ​ $ 29,197 Revenue recognized ​ ​ (8,763) Other changes in contract liabilities ​ ​ 2,206 Ending balance ​ $ 22,640 ​ Remaining performance obligation The following table presents the Company’s remaining performance obligations, which represent the transaction price of contracts for work that has not yet been performed. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2024 2025 2026 ​ 2027 Thereafter Total Data Center Hosting $ 1,394 $ 2,362 $ 2,362 $ 2,362 ​ $ 2,362 $ 8,147 $ 18,989 Engineering ​ 3,117 ​ — ​ — ​ — ​ ​ — ​ — ​ 3,117 Other ​ ​ 49 ​ ​ 97 ​ ​ 97 ​ ​ 97 ​ ​ 97 ​ ​ 97 ​ ​ 534 Total contract liabilities ​ $ 4,560 ​ $ 2,459 ​ $ 2,459 ​ $ 2,459 ​ $ 2,459 ​ $ 8,244 ​ $ 22,640 ​

Bitcoin

Bitcoin	6 Months Ended
	Jun. 30, 2023
Cryptocurrencies Abstract
Bitcoin	Note 5. Bitcoin The following table presents information about the Company’s Bitcoin holdings: ​ ​ ​ ​ ​ ​ Six Months Ended ​ ​ June 30, 2023 Beginning balance $ 109,420 Revenue recognized from Bitcoin mined ​ 97,765 Proceeds from sale of Bitcoin ​ (89,162) Exchange of Bitcoin for employee compensation ​ (585) Realized gain on sale of Bitcoin ​ 33,603 Impairment of Bitcoin ​ (10,110) Ending balance ​ $ 140,931 ​ During the three and six months ended June 30, 2023, the Company recorded impairment charges on its Bitcoin holdings of $5.6 million and $10.1 million, respectively. During the three and six months ended June 30, 2022, the Company recorded impairment charges on its Bitcoin holdings of $101.4 million and $127.3 million, respectively. Applying the market price of one Bitcoin on June 30, 2023 of approximately $30,477 to the Company’s 7,265 Bitcoin held at that date resulted in an estimated fair value of the Company’s Bitcoin of $221.4 million. Applying the market price of one Bitcoin on December 31, 2022 of approximately $16,548 to the Company’s 6,974 Bitcoin held at that date resulted in an estimated fair value of the Company’s Bitcoin of $115.4 million. The valuation of Bitcoin held is classified under Level 1 of the fair value hierarchy as it is based on quoted prices in active markets for identical assets.

Property and Equipment

Property and Equipment	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Property and Equipment	Note 6. Property and Equipment The following table presents the Company’s property and equipment: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2023 2022 Buildings and building improvements ​ $ 312,128 ​ $ 229,685 Land rights and land improvements ​ 10,164 ​ 10,164 Miners and mining equipment ​ 491,783 ​ 441,324 Machinery and facility equipment ​ ​ 38,030 ​ ​ 35,125 Office and computer equipment ​ 1,649 ​ 1,206 Construction in progress ​ 90,257 ​ 97,231 Total cost of property and equipment ​ 944,011 ​ 814,735 Less accumulated depreciation ​ (244,374) ​ (122,180) Property and equipment, net ​ $ 699,637 ​ $ 692,555 ​ The Company did not incur any impairment charges for its property and equipment during the three and six months ended June 30, 2023 and 2022. During the three months ended June 30, 2023 and 2022, depreciation expense related to property and equipment totaled $64.7 million and $20.2 million, respectively, and during the six months ended June 30, 2023 and 2022, totaled $122.6 million and $34.1 million, respectively. Miners and mining equipment As of June 30, 2023, the Company had a total of 95,904 miners deployed in its Bitcoin mining operation at the Rockdale Facility, excluding 17,040 miners currently offline as a result of damage sustained to the facility’s infrastructure during severe winter storms affecting Texas in December 2022. In June 2023, the Company entered into a purchase agreement with MicroBT Electronics Technology Co., LTD, through its manufacturing affiliate, SuperAcme Technology (Hong Kong) Limited (collectively, “MicroBT”) to acquire 8,320 M56S+ model miners and 24,960 M56S++ model miners, primarily for its Corsicana Facility, for a total purchase price of approximately $162.9 million. Delivery of the miners is expected to begin in December 2023, with all miners expected to be received and deployed by mid-2024. The purchase agreement also provides the Company an option to purchase up to an additional 66,560 additional M56S++ miners, on the same terms as the initial order, through December 31, 2024. In July 2023, the Company entered into a purchase agreement with Midas Green Technologies, LLC (d/b/a “Midas Immersion Cooling”) (“Midas”) for the purchase of 200 MW of immersion cooling systems for its Corsicana Facility. Delivery of the immersion cooling systems is expected to begin in the third quarter of 2023 and be completed by the end of 2023. The purchase agreement also provides the Company an option to purchase up to an additional 400 MW of immersion cooling systems, on the same terms as the initial order, through December 31, 2025. As of December 31, 2022, the Company had outstanding executed purchase agreements for the purchase of miners from Bitmain Technologies Limited (“Bitmain”) for a total of 5,130 S19 series miners, which were received in January 2023. As of June 30, 2023, the Company did not have any outstanding purchase agreements for the purchase of miners from Bitmain. Casualty-related charges (recoveries), net In December 2022, the Rockdale Facility was damaged during severe winter storms in Texas, impacting approximately 2.5 exahash per second (“EH/s”) of hash rate capacity. The Company has estimated that total damages of $11.2 million were incurred. No insurance recoveries have been received. Recoveries will be recognized when they are probable of being received. Construction in progress In 2021, the Company commenced expansion of the Rockdale Facility to 700 MW from its initial 300 MW of developed capacity. As of June 30, 2023, the 400 MW expansion of the Rockdale Facility had been completed. In 2022, the Company initiated development of the Corsicana Facility to expand its Bitcoin mining and data center hosting capabilities, on a 265-acre site in Navarro County, Texas, located next to the Navarro switch. Once complete, the Company expects the Corsicana Facility to have one gigawatt of developed capacity for its Bitcoin mining and data center operations. The initial phase of the development of the Corsicana Facility involves the construction of 400 MW of immersion-cooled Bitcoin mining and data center hosting infrastructure, as well as a high-voltage power substation and transmission facilities to supply power and water to the facility. Construction of the substation and the data centers is ongoing and Bitcoin Mining and Data Center Hosting operations are expected to commence following the commissioning of the substation. Through June 30, 2023, the Company had incurred costs of approximately $102.0 million related to the development of the Corsicana Facility, including $10.1 million paid to acquire the land on which the facility is being developed, $87.2 million of initial developments costs and equipment, and a $4.7 million deposit for future power usage. Commitments In July 2023, the Company paid a deposit of $48.9 million to MicroBT for the purchase of miners described herein, leaving an additional commitment of approximately $114.0 million due in installments through approximately April 2024 based on the estimated delivery schedule. In July 2023, the Company paid a deposit of $20.8 million to Midas for the purchase of immersion cooling systems described herein, leaving an additional commitment of approximately $31.2 million due in installments through approximately February 2024 based on the estimated delivery schedule. Related party land transaction During the year ended December 31, 2022, the Company began an initiative to provide certain on-site temporary housing for stakeholders, including partners, analysts, stockholders, employees, vendors, and other visitors to the Rockdale Facility, which is located in a relatively remote area of central Texas, with limited accommodations for visitors. In July 2023, Riot completed its acquisition of the property and land for the development of temporary housing from Lyle Theriot (indirectly, through a limited liability company controlled by Mr. Theriot) for approximately $1.1 million, consisting of $0.2 million for land and $0.9 million for buildings and improvements. Mr. Theriot is part of the management team at Riot and is considered a related party of Riot. The transaction was accounted for as an asset acquisition.

Finite-Lived Intangible Assets

Finite-Lived Intangible Assets	6 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Finite-Lived Intangible Assets	Note 7. Finite-Lived Intangible Assets The following table presents the Company’s finite-lived intangible assets as of June 30, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ Gross ​ Accumulated ​ Net book ​ average life ​ book value amortization value (years) Customer contracts ​ $ 6,300 ​ $ (982) ​ $ 5,318 10 Trademark ​ 5,000 ​ (792) ​ 4,208 10 UL Listings ​ 2,700 ​ (357) ​ 2,343 12 Patents ​ 10,060 ​ (3,307) ​ 6,753 Various Finite-lived intangible assets ​ $ 24,060 ​ $ (5,438) ​ $ 18,622 ​ ​ ​ The following table presents the Company’s finite-lived intangible assets as of December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ Gross Accumulated Net book ​ average life ​ book value amortization value (years) Customer contracts ​ $ 6,300 ​ $ (671) ​ $ 5,629 10 Trademark ​ 5,000 ​ (542) ​ 4,458 10 UL Listings ​ 2,700 ​ (244) ​ 2,456 12 Patents ​ 10,060 ​ (1,126) ​ 8,934 Various Finite-lived intangible assets ​ $ 24,060 ​ $ (2,583) ​ $ 21,477 ​ ​ ​ During the three months ended June 30, 2023 and 2022, amortization expense related to finite-lived intangible assets was $1.4 million and $0.3 million, respectively, and during the six months ended June 30, 2023 and 2022, was $2.9 million and $0.7 million, respectively. The following table presents the estimated future amortization of the Company’s finite-lived intangible assets as of June 30, 2023: ​ ​ ​ ​ Remainder of 2023 ​ $ 3,535 2024 ​ 5,815 2025 ​ 1,355 2026 ​ 1,355 2027 ​ 1,355 Thereafter ​ 5,207 Total ​ $ 18,622 ​ The Company did not identify any impairment of its finite-lived intangible assets during the three and six months ended June 30, 2023 and 2022.

Power Supply Contract

Power Supply Contract	6 Months Ended
	Jun. 30, 2023
Power Supply Contract
Power Supply Contract	Note 8. Power Supply Contract Power Supply Contract and Demand Response Services Programs In May 2020, the Company entered into a Power Supply Agreement with TXU Energy Retail Company LLC (“TXU”) (the “Power Supply Agreement”) to provide the delivery of 130 MW of electricity by TXU to the Rockdale Facility, via the facility owned by Oncor Electric Delivery Company, LLC (“Oncor”), at fixed prices through April 30, 2030. In March and November 2022, the Company and TXU agreed to increase the amount of electricity to be provided under the Power Supply Agreement by 65 MW and 150 MW, respectively, of electricity at fixed prices through April 30, 2030 and October 31, 2027, respectively, for a total of 345 MW under contract at fixed prices. If electricity used exceeds the amount contracted, the cost of the excess electricity is incurred at the then-current spot rate. Concurrently with the Power Supply Agreement, the Company entered into an agreement with Oncor for the extension of delivery system transmission/substation facilities to facilitate delivery of the electricity to the Rockdale Facility (the “Facilities Agreement”). Power costs incurred under the Facilities Agreement are determined every 15 minutes using settlement information provided by the Electric Reliability Council of Texas (“ERCOT”) and are recorded in Cost of revenue In collaboration with market participants such as the Company, ERCOT has a Demand Response Services Program for customers that have the ability to reduce or modify electricity use in response to instructions or signals. The Demand Response Services Program provides the ERCOT market with valuable reliability and economic services by helping to preserve system reliability, enhancing competition, mitigating price spikes, and encouraging the demand side of the market to respond better to wholesale price signals. Market participants with electrical loads like the Company may participate in the Demand Response Service Program directly by offering their electrical loads into the ERCOT markets, or indirectly by voluntarily reducing their energy usage in response to increasing wholesale prices. Under the Demand Response Services Program, the Company can participate in a variety of programs by electing to designate a portion of its available electrical load for participation in such programs on an hourly basis. The Company receives a cash payment from ERCOT based on hourly rates for electricity and the amount of electrical load it bids into each respective Demand Response Services Program. Through ancillary services, the Company competitively bids to sell ERCOT the ability to control Riot’s electrical load on demand, and to power down when needed in order to stabilize the grid. The Company receives compensation for its participation in ancillary services directly from ERCOT whether or not Riot is actually called to power down. Riot also participates in ERCOT’s Four Coincident Peak (“4CP”) program, which refers to the highest-load settlement intervals in each of the four summer months of June, July, August, and September, during which demand for power is at its highest. Market participants can voluntarily power down operations during these times and in doing so, make more electrical load available to the grid. Participants that reduce their load in these peak periods receive credits to transmission costs on future power bills during the subsequent year, reducing overall power costs. As a result of Riot’s participation in 4CP in 2022, the Company’s transmission charges in its ongoing 2023 monthly power bills are substantially reduced. Under the Company’s Power Supply Agreement with TXU, the Company may offer electricity back to TXU for sale on the ERCOT marketplace, in exchange for credits against future power costs, rather than using the power for the Company’s operations, when there is a benefit to the Company, depending on the spot market price of electricity. The Company’s power strategy combines participation in Demand Response Services Programs and sales of power during times of peak demand, to manage operating costs most efficiently. During the three months ended June 30, 2023 and 2022, the Company sold approximately $13.5 million and $5.7 million, respectively, in electricity back to ERCOT in exchange for credits against power costs. During the six months ended June 30, 2023 and 2022 sold approximately $16.5 million and $8.3 million, respectively, in electricity back to ERCOT in exchange for credits against power costs. These sales are recorded in Power curtailment credits The Company determined the Power Supply Agreement meets the definition of a derivative because it allows for net settlement. However, because the Company has the ability to offer the power back to the grid rather than take physical delivery, physical delivery is not probable through the entirety of the contract and therefore, the Company does not believe the normal purchases and normal sales scope exception applies to the Power Supply Agreement. Accordingly, the Power Supply Agreement (a non-hedging derivative contract) is accounted for as a derivative and recorded at its estimated fair value each reporting period in Derivative asset Change in fair value of derivative asset The estimated fair value of the Company’s derivate asset is classified under Level 3 of the fair value hierarchy due to the significant unobservable inputs utilized in the valuation. Specifically, the Company’s discounted cash flow estimation models contain quoted commodity exchange spot and forward prices and are adjusted for basis spreads for load zone-to-hub differentials through the term of the Power Supply Agreement, which ends in December 2030. The significant assumptions used to estimate fair value of the derivative contract include a discount rate of 23.3%, which reflected the nature of the contract as it relates to the risk and uncertainty of the estimated future mark-to-market adjustments, forward price curves of the power supply, broker/dealer quotes and other similar data obtained from quoted market prices or independent pricing vendors. The discount rate includes observable market inputs, but also includes unobservable inputs based on qualitative judgment related to company-specific risk factors. The terms of the Power Supply Agreement require margin-based collateral, calculated as exposure resulting from fluctuations in the market cost rate of electricity versus the fixed price stated in the contract. As of June 30, 2023, the margin-based collateral requirement of the Company was zero. While the Company manages operating costs at the Rockdale Facility in part by periodically selling unused or uneconomical power back to TXU for sale on the ERCOT marketplace, the Company does not consider such actions to be trading activities. The following table presents changes in the estimated fair value of the Derivative asset ​ ​ ​ ​ ​ Balance as of December 31, 2022 ​ $ 97,497 Change in fair value of derivative asset ​ 7,331 Balance as of June 30, 2023 ​ $ 104,828 ​

Long-Term Assets

Long-Term Assets	6 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Long-Term Assets	Note 9. Long-Term Assets Deposits The following table presents the Company’s deposits: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2023 ​ 2022 Deposits on equipment ​ $ — ​ 33,273 Security deposits ​ 30,414 ​ 9,160 Total deposits ​ $ 30,414 ​ $ 42,433 ​ Deposits on Equipment As of December 31, 2022, the Company had outstanding executed purchase agreements for the purchase of miners from Bitmain for a total of 5,130 S19 series miners, which were received in January 2023. During the six months ended June 30, 2023, the Company reclassified the outstanding deposit of $33.3 million to property and equipment in connection with the receipt of the miners at the Rockdale Facility. See Note 6, Property and Equipment. In July 2023, the Company paid a deposit of $48.9 million to MicroBT for the purchase of miners and a deposit of $20.8 million to Midas for the purchase of immersion cooling systems. See Note 6, Property and Equipment. Security Deposits During the six months ended June 30, 2023, the Company paid $23.0 million as a security deposit in connection with its 215 MW increase to the Power Supply Agreement with TXU, resulting in a total of 345 MW under contract at fixed prices. During the year ended December 31, 2022, the Company paid approximately $4.7 million as a security deposit for the development of the Corsicana Facility, all of which was outstanding as of June 30, 2023. As of June 30, 2023, all $3.1 million paid to Oncor in 2021 in connection with an amended and restated Transmission/Substation Facility Extension Agreement, for the construction of the Oncor-owned Delivery System facilities to serve the expansion of the Rockdale Facility, had been utilized. The Company has other security deposits totaling approximately $2.7 million, which includes $1.8 million on the ground lease.

Accrued Expenses

Accrued Expenses	6 Months Ended
	Jun. 30, 2023
Schedule of Accrued Expenses [Abstract]
Accrued Expenses	Note 10. Accrued Expenses Accrued expenses consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2023 ​ 2022 Construction in progress ​ $ 7,353 ​ $ 16,621 Power related costs and remittances ​ 2,981 ​ 32,632 Accrued compensation ​ ​ 6,491 ​ ​ 8,582 Insurance ​ 928 ​ 3,660 Other ​ 9,554 ​ 3,969 Total accrued expenses ​ $ 27,307 ​ $ 65,464 ​

Debt

Debt	6 Months Ended
	Jun. 30, 2023
Debt
Debt	Note 11. Debt ​ Credit and Security Facility ​ ESS Metron ​ The $6.0 million Revolving Line of Credit has a term of one year with interest due monthly and principal due at maturity. All amounts borrowed under the Revolving Line of Credit carry a variable interest rate of not less than 4.0% and are secured by the assets of ESS Metron. As of June 30, 2023, the interest rate was 7.5%. ​ The $4.0 million Equipment Guidance Line has a term of one year and permits the Company to finance up to 80.0% of certain equipment purchases. All amounts borrowed under the Equipment Guidance Line carry a variable interest rate of not less than 4.0% and are secured by the assets of ESS Metron. As of June 30, 2023, the interest rate was 7.5%. ​ Total borrowings under the Revolving Line of Credit during the six months ended June 30, 2023, were approximately $0.9 million and payments were $0.5 million. During the six months ended June 30, 2023, the entire amount outstanding under the Revolving Line of Credit of approximately $0.4 million converted to a fixed rate term loan (see below). As of June 30, 2023 and December 31, 2022, the outstanding balance of the Revolving Line of Credit was zero and less than $0.1 million, respectively, and was recognized within Other long-term liabilities ​ All borrowings and accrued interest under the Equipment Guidance Line convert to fixed rate term loans every six months, which have either five-year terms for borrowings used to acquire vehicles and manufacturing equipment (“Manufacturing Term Loans”) or three-year terms for borrowings of equipment other than vehicles and manufacturing equipment (“Equipment Term Loans”). The Manufacturing Term Loans carry interest at a fixed rate equal to the five-year treasury rate plus 2.5% as of conversion and the Equipment Term Loans carry interest at a fixed rate equal to the three-year treasury rate plus 2.5% as of conversion. During the six months ended June 30, 2023, approximately $0.4 million outstanding under the Credit and Security Facility was converted into a three-year Equipment Term Loan with a fixed interest rate of 6.6%. As of June 30, 2023, no amount was outstanding under Manufacturing Term Loans and approximately $0.4 million was outstanding under Equipment Term Loans. ​ As of June 30, 2023, the outstanding balance on the Equipment Term Loans was recognized net of approximately $0.1 million of deferred financing costs. The net current balance on the Equipment Term Loans of $0.1 million was recognized within Accrued Expenses Other long-term liabilities ​ As of June 30, 2023, the Company was in compliance with all covenants of the Credit and Security Facility.

Leases

Leases	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Leases	Note 12. Leases As of June 30, 2023 and December 31, 2022, operating lease right of use assets were $21.2 million and $21.7 million, respectively, and operating lease liabilities were $21.9 million and $22.3 million, respectively. The following table presents the components of the Company’s lease expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Six Months Ended ​ June 30, June 30, ​ ​ 2023 2022 ​ 2023 2022 Operating lease cost ​ $ 951 ​ $ 803 ​ $ 1,855 ​ $ 1,425 Variable lease cost ​ 49 ​ 31 ​ 104 ​ 76 Operating lease expense ​ 1,000 ​ 834 ​ $ 1,959 ​ $ 1,501 ​ The following table presents supplemental lease information: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 Operating cash outflows for operating leases ​ $ 920 ​ $ 719 ​ $ 1,794 ​ ​ $ 719 ​ Right of use assets exchanged for new operating lease liabilities ​ $ — ​ $ — ​ $ 682 ​ ​ $ 8,784 ​ Weighted-average remaining lease term – operating leases ​ 7.9 ​ 9.3 ​ 7.9 ​ ​ 9.3 ​ Weighted-average discount rate – operating leases ​ 6.6 % 6.5 % 6.6 % ​ 6.5 % ​ The following table represents our future minimum operating lease payments as of June 30, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ground lease Office and other leases Total Remainder of 2023 ​ $ 970 ​ $ 862 ​ $ 1,832 2024 ​ 1,998 ​ 1,701 ​ 3,699 2025 ​ ​ 2,058 ​ ​ 1,347 ​ ​ 3,405 2026 ​ 2,119 ​ 1,273 ​ 3,392 2027 ​ 2,183 ​ 1,148 ​ 3,331 Thereafter ​ 9,618 ​ 3,227 ​ 12,845 Total undiscounted lease payments ​ 18,946 ​ 9,558 ​ 28,504 Less present value discount ​ (5,719) ​ (932) ​ (6,651) Present value of lease liabilities ​ $ 13,227 ​ $ 8,626 ​ $ 21,853 ​ In July 2023, the Company entered into a five-year office space lease, which will result in the recognition of approximately $0.6 million of operating

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2023
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Note 13. Stockholders’ Equity During the six months ended June 30, 2023, approximately 4.6 million shares of common stock were issued to the Company’s board of directors, officers, employees, and advisors in settlement of an equal number of fully vested restricted stock awards awarded to such individuals by the Company under the Company’s 2019 Equity Incentive Plan, as amended (the “2019 Equity Incentive Plan”). The Company withheld approximately 1.2 million of these shares, with a fair value of approximately $12.8 million, to cover the withholding taxes related to the settlement of these vested restricted stock awards, as permitted by the 2019 Equity Incentive Plan. At-the-Market (“ATM”) Equity Offerings 2022 ATM Offering In March 2022, the Company entered into the 2022 ATM Offering, under which it could offer and sell up to $500.0 million in shares of the Company’s common stock. During the six months ended June 30, 2023, the Company received net proceeds of approximately $184.7 million ($188.4 million of gross proceeds, net of $3.7 million in commissions and expenses) from the sale of 15,877,000 shares of its common stock at a weighted average fair value of $11.87 per share under its 2022 ATM Offering. In July 2023, the Company received net proceeds of approximately $6.6 million ($6.7 million of gross proceeds, net of $0.1 million in commissions and expenses) from the sale of 570,645 shares of its common stock at a weighted average fair value of $11.78 per share under its 2022 ATM Offering. With the sale and issuance of these shares, all $500.0 million in shares of the Company’s common stock available for sale under its 2022 ATM Offering had been issued. ​ ESS Metron Holdback Shares ​ On December 31, 2021, the Company acquired 100% of the equity interests in ESS Metron for consideration that included 715,413 shares of the Company’s common stock, 70,165 shares of which were withheld as security for the sellers’ indemnification obligations for 18 months . During the six months ended June 30, 2023, the indemnification period ended, and all 70,165 of the withheld shares were issued to the ESS Metron sellers. ​

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Note 14. Stock-Based Compensation The 2019 Equity Incentive Plan authorizes the granting of stock-based compensation awards to directors, officers, employees, and advisors of the Company in the form of restricted stock awards or stock options that settle in shares of the Company’s common stock upon vesting. The following table presents the Company’s stock-based compensation expense by category: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ 2023 2022 2023 2022 Performance-based stock awards ​ $ (5,459) ​ $ 2,656 ​ $ (16,349) ​ $ 3,938 Service-based stock awards ​ ​ 8,888 ​ ​ (1,955) ​ ​ 17,482 ​ ​ (195) Total stock-based compensation ​ $ 3,429 ​ $ 701 ​ $ 1,133 ​ $ 3,743 ​ Stock-based compensation expense is recognized in Selling, general and administrative Restricted Common Stock Awards Performance-Based Awards Performance-based awards are eligible to vest over a three-year performance period upon the successful completion of specified milestones related to added infrastructure capacity and Adjusted EBITDA through December 31, 2023. The following table presents a summary of the Company’s performance-based awards activity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ Grant-Date ​ ​ ​ ​ Per Share ​ Number of Shares Fair Value Balance as of January 1, 2023 ​ 3,918,935 ​ $ 25.92 Granted ​ 380,700 ​ $ 8.07 Vested ​ (373,520) ​ $ 25.78 Forfeited ​ (231,800) ​ $ 34.89 Balance as of June 30, 2023 ​ 3,694,315 ​ $ 23.54 ​ As of June 30, 2023, there was no unrecognized compensation cost related to the performance-based awards. In July 2023, the Company adopted a new long-term incentive program under its 2019 Equity Incentive Plan, under which employees are eligible to receive performance-based awards that are eligible to vest based on the relative performance of the Company’s common stock (the Company “Total Stockholder Return” or “TSR”), compared to the performance of the Russell 3000 Index (the “Index TSR”), during the three-year performance period ending December 31, 2025. The TSR awards have a vesting range of 0% to 200% of the recipient’s target award, subject to the recipient’s continuous employment with the Company through July 31, 2026. In July 2023, the Company awarded 1.7 million shares of restricted common stock and 0.2 million restricted stock units. The awards have an aggregate grant date fair value of approximately $38.0 million. Service-Based Awards Service-based awards generally vest over a one ​ The following table presents a summary of the Company’s service-based awards activity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ Grant-Date ​ ​ ​ ​ Per Share ​ Number of Shares Fair Value Balance as of January 1, 2023 ​ 8,855,744 ​ $ 6.84 Granted ​ 378,889 ​ $ 4.89 Vested ​ (4,227,077) ​ $ 6.85 Forfeited ​ (779,297) ​ $ 6.81 Balance as of June 30, 2023 4,228,259 ​ $ 6.75 ​ As of June 30, 2023, there was approximately $29.8 million of unrecognized compensation cost related to the service-based awards, which is expected to be recognized over a remaining weighted-average vesting period of approximately 12 months. In July 2023, the Company awarded 0.8 million service-based restricted common stock and 0.1 million restricted stock units to its employees under the 2019 Equity Incentive Plan. These awards are eligible to vest in one

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 15. Fair Value Measurements Assets and Liabilities Measured at Fair Value on a Recurring Basis: The Company’s assets and liabilities measured at fair value on a recurring basis consisted of the following as of June 30, 2023, and December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value measured as of June 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Significant ​ ​ ​ ​ ​ Quoted prices in ​ Significant other ​ unobservable ​ ​ Total carrying ​ active markets ​ observable inputs ​ inputs ​ Value (Level 1) (Level 2) (Level 3) Derivative asset (a) ​ $ 104,828 ​ $ — ​ $ — ​ $ 104,828 Contingent consideration liability (b) ​ $ 909 ​ $ — ​ $ — ​ $ 909 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value measured as of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Significant ​ ​ ​ ​ ​ Quoted prices in ​ Significant other ​ unobservable ​ ​ Total carrying ​ active markets ​ observable inputs ​ inputs ​ Value (Level 1) (Level 2) (Level 3) Derivative asset (a) ​ $ 97,497 ​ $ — ​ $ — ​ $ 97,497 Contingent consideration liability (b) ​ $ 24,935 ​ $ — ​ $ — ​ $ 24,935 ​ (a) See Note 8. Power Supply Contract . (b) See Note 16. Commitments and Contingencies . ​ Assets and Liabilities Not Measured at Fair Value on a Recurring Basis: As of June 30, 2023 and December 31, 2022, the fair values of cash and cash equivalents, restricted cash, accounts receivable, contract assets, prepaid expenses and other current assets, accounts payable, contract liabilities, and accrued expenses approximated their carrying values because of the short-term nature of these instruments.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 16. Commitments and Contingencies Commitments Operating Leases The Company leases its primary office locations and data center hosting facilities, as well as a ground lease, under noncancelable lease agreements that expire on varying dates through 2032. See Note 12. Leases Water Reservation Agreement The Company has a water reservation agreement with the lessor of its ground lease to obtain a certain quantity of non-potable water from a nearby lake to be used by the Company for evaporative cooling purposes at our Rockdale Facility. The term of the agreement, including the impact of the amendment, runs through January 2032, followed by three ten-year renewal periods, and requires annual payments of approximately $2.1 million. The Company concluded that the water reservation agreement was not a lease or a derivative instrument. Because the Company obtained an additional right of use for the reserved water amount, and the charges were increased by a standalone price commensurate with the additional water use rights and at market rates, the water reservation agreement was determined to be a lease modification accounted for as a separate contract. As such, the fees of the water reservation agreement were excluded from the lease payments of the ground lease and the water reservation agreement was accounted for as a separate executory contract. Contingent Consideration Liability Upon the acquisition of Whinstone in May 2021, the Company was obligated to pay up to $86.0 million, net of income taxes, (undiscounted) of consideration if certain power credits were received or realized by the Company arising from a severe weather event in Texas in February 2021. Through June 30, 2023, portions of the power credits were received, and a portion of the obligation was settled. The following table presents the changes in the estimated fair value of the Company’s contingent consideration liability: ​ ​ ​ ​ ​ Balance as of December 31, 2022 ​ $ 24,935 Change in contingent consideration ​ (24,026) Change in fair value of contingent consideration ​ ​ — Balance as of June 30, 2023 ​ $ 909 ​ The estimated fair value measurement is based on significant inputs not observable in the market and thus represents a Level 3 measurement. The Company estimated the fair value of the contingent consideration using a discounted cash flow analysis, which includes estimates of both the timing and amounts of potential future power credits. These estimates were determined using the Company’s historical consumption quantities and patterns combined with management’s expectations of its future consumption requirements, which require significant judgment and depend on various factors outside the Company’s control, such as construction delays. The discount rate of approximately 2.5% includes observable market inputs, such as TXU’s parent company’s Standard & Poor’s credit rating of BB, but also includes unobservable inputs such as interest rate spreads, which were estimated based on qualitative judgment related to company-specific risk factors. Specifically, due to the power credits being subordinated obligations for TXU’s parent, the Company used one credit rating lower than BB in the yield curve to estimate a reasonable interest rate spread to determine the cost of debt input. Although these estimates are based on management’s best knowledge of current events, the estimates could change significantly from period to period. ​ Approximately $1.2 million of remaining future power credits to be received are estimated to be received over a period of 12 years. The Company determined the value of the contingent consideration as of June 30, 2023, using a discount rate of approximately 8.0%, which was based on the factors above, including the recent increase in interest rates. ​ Contingencies Legal Proceedings The Company, and its subsidiaries, are subject at times to various claims, lawsuits and governmental proceedings relating to the Company’s business and transactions arising in the ordinary course of business, as described in the 2022 Annual Report, as supplemented by the following: Northern Data Working Capital Disputes On September 7, 2022, the Company filed a complaint against Northern Data AG (“Northern Data”) disputing the purchase price of Whinstone and seeking declaratory relief and specific performance of the stock purchase agreement. Northern Data filed an answer and counterclaims alleging that the Company and Whinstone withheld certain energy credit payments and that the Company is improperly seeking to introduce indemnification claims into the contractual process to resolve the parties’ dispute. On March 31, 2023, the Parties filed a stipulation agreeing to dismiss all claims without prejudice and to submit the dispute for final determination to an independent accountant. The Company placed $29.5 million in escrow pending the final determination. On June 9, 2023, the independent accountant rendered a written final determination finding in favor of the Company on disputed issues totaling approximately $27.1 million, which were released from escrow and distributed to the Company on June 13, 2023. The remaining amount in escrow was allocated to Northern Data. As a result, we recognized a Deferred gain on acquisition post-close dispute settlement Following the final determination almost entirely in favor of the Company, on June 23, 2023, Northern Data filed a complaint against the Company seeking a declaratory judgment that (1) certain parts of the independent accountant’s determination constitute manifest error and are thus null and void, (2) the Company improperly introduced an indemnification claim into the purchase price adjustment process, and (3) the Company pay Northern Data the amounts awarded to the Company or, alternatively, the court order a new purchase price adjustment process. The Company intends to vigorously oppose Northern Data’s complaint to set aside the independent accountant’s final determination. The Company filed a motion to dismiss the complaint on July 17, 2023, and subject to approval from the Court, the parties agreed that briefing on the motion to dismiss will be completed by October 17, 2023. Although the Company entirely disagrees with the allegations and arguments raised by Northern Data and considers its complaint to be without merit, the Company cannot accurately predict the outcome of ongoing litigation. Legacy Hosting Customer Disputes ​ Rhodium ​ On May 2, 2023, Whinstone filed a petition against Rhodium 30MW, LLC, Rhodium JV, LLC, Air HPC LLC, and Jordan HPC, LLC (collectively, “Rhodium”) and later amended the petition asserting breach of contract claims for Rhodium’s failure to pay hosting and service fees under certain hosting agreements. Additionally, the amended petition seeks a declaration that certain hosting agreements with Rhodium are terminated and that no power credits are owed to Rhodium under any agreement. Whinstone seeks recovery of more than $26 million, plus reasonable attorneys’ fees and costs, expenses, and pre- and post-judgment interest. On June 12, 2023, Rhodium answered and, along with non-parties Rhodium Encore LLC, Rhodium 2.0 LLC, and Rhodium 10mw LLC (collectively, the “Non-Parties”), filed counterclaims for breach of contract and moved to compel arbitration seeking recovery of at least $7-$10 million in alleged unpaid energy sale credits and between seven to eight figures in lost profits. Whinstone believes Rhodium’s claims are without merit and intends to vigorously contest them, as appropriate. A hearing on the parties’ arguments is set for August 25, 2023. Because this litigation is still at this early stage, we cannot reasonably estimate the likelihood of an unfavorable outcome or the magnitude of such an outcome, if any. ​ SBI Crypto Co. ​ On April 5, 2023, SBI Crypto Co., Ltd. (“SBI”) filed a complaint against Whinstone alleging breach of contract, fraud/fraudulent inducement, fraud by nondisclosure, and negligent bailment claims. Whinstone filed a motion to dismiss SBI’s complaint and on July 7, 2023, SBI filed an amended complaint asserting breach of contract, fraud/fraudulent inducement, and fraud by nondisclosure. On July 21, 2023, Whinstone filed a motion to dismiss the amended complaint. SBI seeks recovery of at least $15 million in lost profits, at least $16 million for equipment damage, reasonable attorneys’ fees and costs, expenses, costs, and pre- and post-judgment interest. While a preliminary investigation of the merits of SBI’s claims has commenced, Whinstone believes many of the claims are barred or waived and substantively lack merit, and Whinstone plans to vigorously contest the same. Because this litigation is still at this early stage, we cannot reasonably estimate the likelihood of an unfavorable outcome or the magnitude of such an outcome, if any. ​ GMO On June 13, 2022, GMO Gamecenter USA, Inc. and its parent GMO Internet, Inc. (collectively “GMO”), filed a complaint against Whinstone alleging breach of contract under the colocation services agreement between GMO and Whinstone, seeking damages in excess of $150 million. Whinstone has responded to GMO’s claims and raised counterclaims of its own, alleging GMO itself breached the colocation services agreement, seeking a declaratory judgment and damages in excess of $25 million. At this preliminary stage, the Company believes that GMO’s claims lack merit. Because this litigation is still at this early stage, we cannot reasonably estimate the likelihood of an unfavorable outcome or the magnitude of such an outcome, if any. Class Actions and Related Claims ​ On February 17, 2018, Creighton Takata filed an action asserting putative class action claims on behalf of the Company’s stockholders in the United District Court for the District of New Jersey, Takata v. Riot Blockchain Inc., et al. ​ On April 18, 2018, Joseph J. Klapper, Jr., filed a complaint against Riot Blockchain, Inc., and certain of its officers and directors in the United District Court for the District of New Jersey ( Klapper v. Riot Blockchain Inc., et al. ​ On November 6, 2018, the court in the Takata Takata Klapper ​ Lead Plaintiff filed a consolidated complaint on January 15, 2019. Defendants filed motions to dismiss on March 18, 2019. In lieu of opposing defendants’ motions to dismiss, Lead Plaintiff filed another amended complaint on May 9, 2019. Defendants filed multiple motions to dismiss the amended complaint starting on September 3, 2019. On April 30, 2020, the court granted the motions to dismiss, which resulted in the dismissal of all claims without prejudice. On December 24, 2020, Lead Plaintiff filed another amended complaint. Defendants filed multiple motions to dismiss the amended complaint starting on February 8, 2021, which were fully briefed. On February 28, 2022, the court issued an order instructing the parties to submit supplemental briefing by March 14, 2022 on particular issues raised in the motions to dismiss. On May 27, 2022, Lead Plaintiff filed the third amended consolidated complaint. Defendants submitted motions to dismiss on July 18, 2022. Briefing on the motions to dismiss was completed in October 2022. Shareholder Derivative Actions ​ On April 5, 2018, Michael Jackson filed a shareholder derivative complaint on behalf of the Company in the Supreme Court of the State of New York, County of Nassau, against certain of the Company’s officers and directors, as well as against an investor ( Jackson v. Riot Blockchain, Inc., et al. ​ On May 22, 2018, two additional shareholder derivative complaints were filed on behalf of the Company in the Eighth Judicial District Court of the State of Nevada in and for the County of Clark ( Kish v. O’Rourke, et al. Gaft v. O’Rourke, et al. Gaft Kish In re Riot Blockchain, Inc. Shareholder Derivative Litigation ​ On October 22, 2018, another shareholder derivative complaint was filed on behalf of the Company in the United District Court for the Southern District of New York ( Finitz v. O’Rourke, et al. ​ On December 13, 2018, another shareholder derivative complaint was filed on behalf of the Company in the United District Court for the Northern District of New York ( Monts v. O’Rourke, et al. ​ Defendants intend to vigorously contest plaintiffs’ allegations in the shareholder derivative actions and plaintiffs’ right to bring the action in the name of Riot Blockchain. Because this litigation is still at this early stage, we cannot reasonably estimate the likelihood of an unfavorable outcome or the magnitude of such an outcome, if any.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Note 17. Income Taxes During the three months ended June 30, 2023 and 2022, the Company realized deferred income tax benefits of $0.0 million and $6.6 million, respectively, and $5.0 million and $6.6 million during the six months ended June 30, 2023 and 2022, respectively, related primarily to the contingent consideration liability and future power credits. ​

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Earnings Per Share	Note 18. Earnings Per Share The following table presents potentially dilutive securities that were not included in the computation of diluted net income (loss) per share as their inclusion would be anti-dilutive: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 June 30, 2022 Warrants to purchase common stock 63,000 63,000 Unvested restricted stock awards (a) ​ 5,540,298 ​ — Unvested restricted stock units — 4,244,534 Total 5,603,298 4,307,534 ​ (a) Unvested restricted stock awards are included in total common shares outstanding but are excluded from the calculation of basic earnings per share.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Segment Information	Note 19. Segment Information The Company has three reportable segments: Bitcoin Mining, Data Center Hosting, and Engineering. The reportable segments are identified based on the types of service performed. The chief operating decision maker (“CODM”) analyzes the performance of the segments based on reportable segment revenue and reportable segment cost of revenue. No operating segments have been aggregated to form the reportable segments. The Company does not allocate all assets to the reporting segments as they are managed on an entity-wide basis. Therefore, the Company does not separately disclose the total assets of its reportable operating segments. The Bitcoin Mining segment generates revenue from the Bitcoin the Company earns through its Bitcoin mining activities. The Data Center Hosting segment generates revenue from long-term customer contracts for the provision of data center hosting/colocation services, including from the consumption of electricity, construction of infrastructure, operation of data centers, and maintenance/management of computing capacity from the Company’s high performance data center facility in Rockdale, Texas. The Engineering segment generates revenue through customer contracts for custom engineered electrical products. The Data Center Hosting segment purchases custom engineered electrical products from the Engineering segment in the ordinary course of business. All revenue and cost of revenues from intersegment transactions have been eliminated in the consolidated statements of operations. All Other revenue During the three and six months ended June 30, 2023 and 2022, no single customer or related group of customers contributed 10% or more of the Company’s total consolidated revenue. The following table presents revenue and cost of revenues for the Company’s reportable segments, reconciled to the Condensed Consolidated Statements of Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2023 2022 2023 2022 Reportable segment revenue: ​ ​ ​ ​ ​ ​ ​ ​ Bitcoin Mining ​ $ 49,742 ​ $ 46,151 ​ $ 97,765 ​ $ 104,096 Data Center Hosting ​ 39,387 ​ 23,577 ​ 76,383 ​ 44,616 Engineering ​ 20,183 ​ 19,512 ​ 41,539 ​ 34,750 Other revenue ​ 24 ​ 24 ​ 48 ​ 48 Eliminations ​ (32,597) ​ (16,317) ​ (65,760) ​ (30,776) Total segment and consolidated revenue ​ $ 76,739 ​ $ 72,947 ​ $ 149,975 ​ $ 152,734 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reportable segment cost of revenues: ​ ​ ​ ​ Bitcoin Mining ​ 33,482 ​ 20,913 ​ 62,173 ​ 44,844 Data Center Hosting ​ 44,026 ​ 26,012 ​ 90,847 ​ 47,504 Engineering ​ 18,932 ​ 16,983 ​ 37,818 ​ 30,535 Eliminations ​ (32,477) ​ (15,554) ​ (63,753) ​ (28,901) Total segment and consolidated cost of revenues ​ $ 63,963 ​ $ 48,354 ​ $ 127,085 ​ $ 93,982 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reconciling Items: ​ ​ ​ ​ Acquisition-related costs ​ — ​ — ​ — ​ (78) Selling, general, and administrative ​ (19,836) ​ (10,713) ​ (32,511) ​ (21,545) Depreciation and amortization ​ (66,162) ​ (20,562) ​ (125,502) ​ (34,807) Change in fair value of derivative asset ​ 13,109 ​ 60,931 ​ 7,331 ​ 104,614 Power curtailment credits ​ ​ 13,470 ​ ​ 5,706 ​ ​ 16,545 ​ ​ 8,258 Change in fair value of contingent consideration ​ — ​ — ​ — ​ (176) Realized gain on sale of Bitcoin ​ 19,828 ​ 15,260 ​ 33,603 ​ 24,925 Gain (loss) on sale/exchange of equipment ​ ​ (30) ​ ​ 8,614 ​ ​ (30) ​ ​ 8,614 Casualty-related charges (recoveries), net ​ — ​ — ​ (1,526) ​ — Impairment of Bitcoin ​ ​ (5,638) ​ ​ (101,419) ​ ​ (10,110) ​ ​ (127,289) Impairment of goodwill ​ — ​ (335,648) ​ — ​ (335,648) Interest income (expense) ​ 4,843 ​ — ​ 1,013 ​ (357) Realized loss on sale of marketable equity securities ​ — ​ (1,624) ​ — ​ (1,624) Unrealized loss on marketable equity securities ​ — ​ (4,837) ​ — ​ (6,448) Other income (expense) ​ 65 ​ (59) ​ 65 ​ (59) Current income tax benefit (expense) ​ ​ (112) ​ ​ (427) ​ ​ (188) ​ ​ (739) Deferred income tax benefit (expense) ​ — ​ 6,626 ​ 5,045 ​ 6,626 Net income (loss) ​ $ (27,687) ​ $ (353,559) ​ $ (83,375) ​ $ (316,981) ​

Basis of Presentation, Summar_2

Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the accounting principles generally accepted in the United States of America (“GAAP”). In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation of such interim results. Amounts are stated in thousands of U.S. Dollars except for share, per share and miner amounts. The results in the accompanying unaudited condensed consolidated statements of operations are not necessarily indicative of results to be expected for the fiscal year ending December 31, 2023 or for any future interim period. The accompanying unaudited condensed consolidated financial statements do not include all the information and notes required by GAAP for complete financial statements and, as such, should be read in conjunction with the consolidated financial statements for the fiscal year ended December 31, 2022, and notes thereto, included in the 2022 Annual Report.
Use of estimates	Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the balance sheet and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ significantly from those estimates. The most significant accounting estimates inherent in the preparation of the Company’s financial statements include estimates associated with valuing contingent consideration for a business combination and periodic reassessment of its fair value, allocating the fair value of purchase consideration to assets acquired and liabilities assumed in business acquisitions, revenue recognition, valuing the derivative asset classified under Level 3 fair value hierarchy, determining the useful lives and recoverability of long-lived assets, impairment analysis of goodwill, fixed assets, and finite-lived intangibles, stock-based compensation, and the valuation allowance associated with the Company’s deferred tax assets.
Reclassifications	Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation in the unaudited condensed consolidated financial statements and these accompanying notes. The reclassifications did not have a material impact on the Company’s unaudited condensed consolidated financial statements and related disclosures. The impact on any prior period disclosures was immaterial.
Significant Accounting Policies	Significant Accounting Policies For a detailed discussion about the Company’s significant accounting policies, see the Company’s 2022 Annual Report.
Recently Issued and Adopted Accounting Pronouncements	Recently Issued and Adopted Accounting Pronouncements The Company has evaluated all recently issued accounting pronouncements and believes such pronouncements do not have a material effect on the Company’s financial statements.

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Schedule of changes in the contract liabilities and deferred revenue	​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ ​ June 30, 2023 Beginning balance ​ $ 29,197 Revenue recognized ​ ​ (8,763) Other changes in contract liabilities ​ ​ 2,206 Ending balance ​ $ 22,640
Schedule of disaggregated revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2024 2025 2026 ​ 2027 Thereafter Total Data Center Hosting $ 1,394 $ 2,362 $ 2,362 $ 2,362 ​ $ 2,362 $ 8,147 $ 18,989 Engineering ​ 3,117 ​ — ​ — ​ — ​ ​ — ​ — ​ 3,117 Other ​ ​ 49 ​ ​ 97 ​ ​ 97 ​ ​ 97 ​ ​ 97 ​ ​ 97 ​ ​ 534 Total contract liabilities ​ $ 4,560 ​ $ 2,459 ​ $ 2,459 ​ $ 2,459 ​ $ 2,459 ​ $ 8,244 ​ $ 22,640

Bitcoin (Tables)

Bitcoin (Tables)	6 Months Ended
	Jun. 30, 2023
Cryptocurrencies Abstract
Schedule of additional information	​ ​ ​ ​ ​ ​ Six Months Ended ​ ​ June 30, 2023 Beginning balance $ 109,420 Revenue recognized from Bitcoin mined ​ 97,765 Proceeds from sale of Bitcoin ​ (89,162) Exchange of Bitcoin for employee compensation ​ (585) Realized gain on sale of Bitcoin ​ 33,603 Impairment of Bitcoin ​ (10,110) Ending balance ​ $ 140,931

Property and Equipment (Tables)

Property and Equipment (Tables)	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Schedule of property and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2023 2022 Buildings and building improvements ​ $ 312,128 ​ $ 229,685 Land rights and land improvements ​ 10,164 ​ 10,164 Miners and mining equipment ​ 491,783 ​ 441,324 Machinery and facility equipment ​ ​ 38,030 ​ ​ 35,125 Office and computer equipment ​ 1,649 ​ 1,206 Construction in progress ​ 90,257 ​ 97,231 Total cost of property and equipment ​ 944,011 ​ 814,735 Less accumulated depreciation ​ (244,374) ​ (122,180) Property and equipment, net ​ $ 699,637 ​ $ 692,555

Finite-Lived Intangible Assets

Finite-Lived Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of finite-lived intangible assets	The following table presents the Company’s finite-lived intangible assets as of June 30, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ Gross ​ Accumulated ​ Net book ​ average life ​ book value amortization value (years) Customer contracts ​ $ 6,300 ​ $ (982) ​ $ 5,318 10 Trademark ​ 5,000 ​ (792) ​ 4,208 10 UL Listings ​ 2,700 ​ (357) ​ 2,343 12 Patents ​ 10,060 ​ (3,307) ​ 6,753 Various Finite-lived intangible assets ​ $ 24,060 ​ $ (5,438) ​ $ 18,622 ​ ​ ​ The following table presents the Company’s finite-lived intangible assets as of December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ Gross Accumulated Net book ​ average life ​ book value amortization value (years) Customer contracts ​ $ 6,300 ​ $ (671) ​ $ 5,629 10 Trademark ​ 5,000 ​ (542) ​ 4,458 10 UL Listings ​ 2,700 ​ (244) ​ 2,456 12 Patents ​ 10,060 ​ (1,126) ​ 8,934 Various Finite-lived intangible assets ​ $ 24,060 ​ $ (2,583) ​ $ 21,477 ​ ​
Schedule of the estimated future amortization expense of finite-lived intangible assets	The following table presents the estimated future amortization of the Company’s finite-lived intangible assets as of June 30, 2023: ​ ​ ​ ​ Remainder of 2023 ​ $ 3,535 2024 ​ 5,815 2025 ​ 1,355 2026 ​ 1,355 2027 ​ 1,355 Thereafter ​ 5,207 Total ​ $ 18,622

Power Supply Contract (Tables)

Power Supply Contract (Tables)	6 Months Ended
	Jun. 30, 2023
Power Supply Contract
Schedule of changes in estimated fair value of derivative asset	​ ​ ​ ​ ​ Balance as of December 31, 2022 ​ $ 97,497 Change in fair value of derivative asset ​ 7,331 Balance as of June 30, 2023 ​ $ 104,828

Long-Term Assets (Tables)

Long-Term Assets (Tables)	6 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of deposits on equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2023 ​ 2022 Deposits on equipment ​ $ — ​ 33,273 Security deposits ​ 30,414 ​ 9,160 Total deposits ​ $ 30,414 ​ $ 42,433

Accrued Expenses (Tables)

Accrued Expenses (Tables)	6 Months Ended
	Jun. 30, 2023
Schedule of Accrued Expenses [Abstract]
Schedule of accrued expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2023 ​ 2022 Construction in progress ​ $ 7,353 ​ $ 16,621 Power related costs and remittances ​ 2,981 ​ 32,632 Accrued compensation ​ ​ 6,491 ​ ​ 8,582 Insurance ​ 928 ​ 3,660 Other ​ 9,554 ​ 3,969 Total accrued expenses ​ $ 27,307 ​ $ 65,464

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Schedule of lease expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Six Months Ended ​ June 30, June 30, ​ ​ 2023 2022 ​ 2023 2022 Operating lease cost ​ $ 951 ​ $ 803 ​ $ 1,855 ​ $ 1,425 Variable lease cost ​ 49 ​ 31 ​ 104 ​ 76 Operating lease expense ​ 1,000 ​ 834 ​ $ 1,959 ​ $ 1,501
Schedule of other information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 Operating cash outflows for operating leases ​ $ 920 ​ $ 719 ​ $ 1,794 ​ ​ $ 719 ​ Right of use assets exchanged for new operating lease liabilities ​ $ — ​ $ — ​ $ 682 ​ ​ $ 8,784 ​ Weighted-average remaining lease term – operating leases ​ 7.9 ​ 9.3 ​ 7.9 ​ ​ 9.3 ​ Weighted-average discount rate – operating leases ​ 6.6 % 6.5 % 6.6 % ​ 6.5 %
Schedule of future minimum operating lease payments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ground lease Office and other leases Total Remainder of 2023 ​ $ 970 ​ $ 862 ​ $ 1,832 2024 ​ 1,998 ​ 1,701 ​ 3,699 2025 ​ ​ 2,058 ​ ​ 1,347 ​ ​ 3,405 2026 ​ 2,119 ​ 1,273 ​ 3,392 2027 ​ 2,183 ​ 1,148 ​ 3,331 Thereafter ​ 9,618 ​ 3,227 ​ 12,845 Total undiscounted lease payments ​ 18,946 ​ 9,558 ​ 28,504 Less present value discount ​ (5,719) ​ (932) ​ (6,651) Present value of lease liabilities ​ $ 13,227 ​ $ 8,626 ​ $ 21,853

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of stock-based compensation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ 2023 2022 2023 2022 Performance-based stock awards ​ $ (5,459) ​ $ 2,656 ​ $ (16,349) ​ $ 3,938 Service-based stock awards ​ ​ 8,888 ​ ​ (1,955) ​ ​ 17,482 ​ ​ (195) Total stock-based compensation ​ $ 3,429 ​ $ 701 ​ $ 1,133 ​ $ 3,743
Schedule of performance-based awards	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ Grant-Date ​ ​ ​ ​ Per Share ​ Number of Shares Fair Value Balance as of January 1, 2023 ​ 3,918,935 ​ $ 25.92 Granted ​ 380,700 ​ $ 8.07 Vested ​ (373,520) ​ $ 25.78 Forfeited ​ (231,800) ​ $ 34.89 Balance as of June 30, 2023 ​ 3,694,315 ​ $ 23.54
Schedule of service-based awards	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ Grant-Date ​ ​ ​ ​ Per Share ​ Number of Shares Fair Value Balance as of January 1, 2023 ​ 8,855,744 ​ $ 6.84 Granted ​ 378,889 ​ $ 4.89 Vested ​ (4,227,077) ​ $ 6.85 Forfeited ​ (779,297) ​ $ 6.81 Balance as of June 30, 2023 4,228,259 ​ $ 6.75

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of assets and liabilities measured at fair value on recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value measured as of June 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Significant ​ ​ ​ ​ ​ Quoted prices in ​ Significant other ​ unobservable ​ ​ Total carrying ​ active markets ​ observable inputs ​ inputs ​ Value (Level 1) (Level 2) (Level 3) Derivative asset (a) ​ $ 104,828 ​ $ — ​ $ — ​ $ 104,828 Contingent consideration liability (b) ​ $ 909 ​ $ — ​ $ — ​ $ 909 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value measured as of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Significant ​ ​ ​ ​ ​ Quoted prices in ​ Significant other ​ unobservable ​ ​ Total carrying ​ active markets ​ observable inputs ​ inputs ​ Value (Level 1) (Level 2) (Level 3) Derivative asset (a) ​ $ 97,497 ​ $ — ​ $ — ​ $ 97,497 Contingent consideration liability (b) ​ $ 24,935 ​ $ — ​ $ — ​ $ 24,935 ​ (a) See Note 8. Power Supply Contract . (b) See Note 16. Commitments and Contingencies . ​

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of changes in estimated fair value of liability	​ ​ ​ ​ ​ Balance as of December 31, 2022 ​ $ 24,935 Change in contingent consideration ​ (24,026) Change in fair value of contingent consideration ​ ​ — Balance as of June 30, 2023 ​ $ 909

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of antidilutive securities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 June 30, 2022 Warrants to purchase common stock 63,000 63,000 Unvested restricted stock awards (a) ​ 5,540,298 ​ — Unvested restricted stock units — 4,244,534 Total 5,603,298 4,307,534 ​ (a) Unvested restricted stock awards are included in total common shares outstanding but are excluded from the calculation of basic earnings per share.

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Schedule of reportable segments and operating income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2023 2022 2023 2022 Reportable segment revenue: ​ ​ ​ ​ ​ ​ ​ ​ Bitcoin Mining ​ $ 49,742 ​ $ 46,151 ​ $ 97,765 ​ $ 104,096 Data Center Hosting ​ 39,387 ​ 23,577 ​ 76,383 ​ 44,616 Engineering ​ 20,183 ​ 19,512 ​ 41,539 ​ 34,750 Other revenue ​ 24 ​ 24 ​ 48 ​ 48 Eliminations ​ (32,597) ​ (16,317) ​ (65,760) ​ (30,776) Total segment and consolidated revenue ​ $ 76,739 ​ $ 72,947 ​ $ 149,975 ​ $ 152,734 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reportable segment cost of revenues: ​ ​ ​ ​ Bitcoin Mining ​ 33,482 ​ 20,913 ​ 62,173 ​ 44,844 Data Center Hosting ​ 44,026 ​ 26,012 ​ 90,847 ​ 47,504 Engineering ​ 18,932 ​ 16,983 ​ 37,818 ​ 30,535 Eliminations ​ (32,477) ​ (15,554) ​ (63,753) ​ (28,901) Total segment and consolidated cost of revenues ​ $ 63,963 ​ $ 48,354 ​ $ 127,085 ​ $ 93,982 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reconciling Items: ​ ​ ​ ​ Acquisition-related costs ​ — ​ — ​ — ​ (78) Selling, general, and administrative ​ (19,836) ​ (10,713) ​ (32,511) ​ (21,545) Depreciation and amortization ​ (66,162) ​ (20,562) ​ (125,502) ​ (34,807) Change in fair value of derivative asset ​ 13,109 ​ 60,931 ​ 7,331 ​ 104,614 Power curtailment credits ​ ​ 13,470 ​ ​ 5,706 ​ ​ 16,545 ​ ​ 8,258 Change in fair value of contingent consideration ​ — ​ — ​ — ​ (176) Realized gain on sale of Bitcoin ​ 19,828 ​ 15,260 ​ 33,603 ​ 24,925 Gain (loss) on sale/exchange of equipment ​ ​ (30) ​ ​ 8,614 ​ ​ (30) ​ ​ 8,614 Casualty-related charges (recoveries), net ​ — ​ — ​ (1,526) ​ — Impairment of Bitcoin ​ ​ (5,638) ​ ​ (101,419) ​ ​ (10,110) ​ ​ (127,289) Impairment of goodwill ​ — ​ (335,648) ​ — ​ (335,648) Interest income (expense) ​ 4,843 ​ — ​ 1,013 ​ (357) Realized loss on sale of marketable equity securities ​ — ​ (1,624) ​ — ​ (1,624) Unrealized loss on marketable equity securities ​ — ​ (4,837) ​ — ​ (6,448) Other income (expense) ​ 65 ​ (59) ​ 65 ​ (59) Current income tax benefit (expense) ​ ​ (112) ​ ​ (427) ​ ​ (188) ​ ​ (739) Deferred income tax benefit (expense) ​ — ​ 6,626 ​ 5,045 ​ 6,626 Net income (loss) ​ $ (27,687) ​ $ (353,559) ​ $ (83,375) ​ $ (316,981)

Organization and Operation of_2

Organization and Operation of Our Business (Details)	6 Months Ended
	Jun. 30, 2023 MWh segment
Accounting Policies [Abstract]
Mining capacity (MW) | MWh	700
Number of reportable segments | segment	3

Liquidity and Financial Condi_2

Liquidity and Financial Condition (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Jul. 31, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Liquidity and Financial Condition (Details) [Line Items]
Cash and cash equivalents		$ 289,176		$ 289,176		$ 230,328
Working capital		408,400		408,400
Stockholders' equity				1,200,000
Accumulated deficit		$ 839,700		$ 839,700
Sold bitcoin (in Shares)				3,575
Bitcoin proceeds amount				$ 89,200
Proceeds from the sale of stock (in Dollars)				$ 188,430	$ 272,737
Common Stock
Liquidity and Financial Condition (Details) [Line Items]
Stock issued during period, shares		15,877,000	30,559,817	15,877,000	30,559,817
Sales Agents | 2022 ATM Offering | Common Stock
Liquidity and Financial Condition (Details) [Line Items]
Stock issued during period, shares	570,645			15,877,000
Weighted average price (in Dollars per share)	$ 11.78	$ 11.87		$ 11.87
Proceeds from the sale of stock (in Dollars)	$ 6,600			$ 184,700

Revenue from Contracts with C_3

Revenue from Contracts with Customers (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Contract balances	$ 19.1	$ 19.7

Revenue from Contracts with C_4

Revenue from Contracts with Customers - Schedule of changes in the contract liabilities and deferred revenue (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Schedule Of Changes In The Total Deferred Revenue Liability Abstract
Beginning balance	$ 29,197
Revenue recognized	(8,763)
Other changes in contract liabilities	2,206
Ending balance	$ 22,640

Revenue from Contracts with C_5

Revenue from Contracts with Customers - Schedule of disaggregated revenue (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Disaggregation of Revenue [Line Items]
2023	$ 4,560
2024	2,459
2025	2,459
2026	2,459
2027	2,459
Thereafter	8,244
Total	22,640
Data Center Hosting
Disaggregation of Revenue [Line Items]
2023	1,394
2024	2,362
2025	2,362
2026	2,362
2027	2,362
Thereafter	8,147
Total	18,989
Engineering
Disaggregation of Revenue [Line Items]
2023	3,117
Total	3,117
Other
Disaggregation of Revenue [Line Items]
2023	49
2024	97
2025	97
2026	97
2027	97
Thereafter	97
Total	$ 534

Bitcoin - Schedule of additiona

Bitcoin - Schedule of additional information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) item	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) item	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) item
Schedule Of Additional Information Abstract
Beginning balance			$ 109,420
Revenue recognized from Bitcoin mined			97,765
Proceeds from sale of Bitcoin			(89,162)
Exchange of Bitcoin for employee compensation			(585)
Realized gain on sale of Bitcoin			33,603
Impairment of Bitcoin			(10,110)
Ending balance	$ 140,931		140,931
Impairment of Bitcoin	5,638	$ 101,419	10,110	$ 127,289
Market price of one Bitcoin	$ 30,477		$ 30,477		$ 16,548
Number of Bitcoins held | item	7,265		7,265		6,974
Estimated fair value of Bitcoin	$ 221,400		$ 221,400		$ 115,400

Property and Equipment (Details

Property and Equipment (Details)	1 Months Ended			3 Months Ended		6 Months Ended		18 Months Ended
	Jul. 31, 2023 USD ($) MWh	Jun. 30, 2023 USD ($) MWh item	Dec. 31, 2022 USD ($) a MWh GWh item	Jun. 30, 2023 USD ($) MWh item	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) MWh item	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) MWh item	Dec. 31, 2021 MWh	Dec. 31, 2020 MWh
Property and Equipment (Details) [Line Items]
Number of miners currently offline | item		17,040		17,040		17,040		17,040
Number of miners to be purchased from Bitmain as per purchase agreement | item			5,130
Deposits		$ 30,414,000	$ 42,433,000	$ 30,414,000		$ 30,414,000		$ 30,414,000
Impairment charges on property and equipment				$ 0	$ 0	$ 0	$ 0
Mining capacity (MW) | MWh		700		700		700		700
Depreciation expense related to property and equipment				$ 64,700,000	$ 20,200,000	$ 122,600,000	$ 34,100,000
Purchase of miners			33,273,000
MicroBT Electronics Technology Co., LTD [Member]
Property and Equipment (Details) [Line Items]
Purchase price		$ 162,900,000
Purchase of miners	$ 48,900,000
Additional commitment amount	$ 114,000,000
Midas Green Technologies, LLC [Member]
Property and Equipment (Details) [Line Items]
Purchase of immersion cooling systems | MWh	200
Purchase of additional immersion cooling systems | MWh	400
Purchase of miners	$ 20,800,000
Additional commitment amount	31,200,000
Mr. Theriot [Member] | Management [Member]
Property and Equipment (Details) [Line Items]
Payments to acquire productive assets	1,100,000
M56S plus model miners [Member] | MicroBT Electronics Technology Co., LTD [Member]
Property and Equipment (Details) [Line Items]
Number of miners to be purchased from Bitmain as per purchase agreement | item		8,320		8,320		8,320		8,320
M56S plus plus model miners [Member] | MicroBT Electronics Technology Co., LTD [Member]
Property and Equipment (Details) [Line Items]
Number of miners to be purchased from Bitmain as per purchase agreement | item		24,960		24,960		24,960		24,960
Number of additional miners purchase option | item		66,560
Land [Member] | Mr. Theriot [Member] | Management [Member]
Property and Equipment (Details) [Line Items]
Payments to acquire productive assets	200,000
Buildings and building improvements [Member] | Mr. Theriot [Member] | Management [Member]
Property and Equipment (Details) [Line Items]
Payments to acquire productive assets	$ 900,000
Rockdale Facility Bitcoin Mining Facility Texas Member
Property and Equipment (Details) [Line Items]
Number of miners deployed at mining facility | item		95,904		95,904		95,904		95,904
Mining capacity (MW) | MWh									700	300
Additional increased mining capacity | MWh		400		400		400		400
Rockdale Facility Bitcoin Mining Facility Texas Member | Miners and mining equipment [Member]
Property and Equipment (Details) [Line Items]
Loss Contingency Loss In Period			11,200,000
Insurance recoveries			$ 0
Corsicana Facility Land Site [Member]
Property and Equipment (Details) [Line Items]
Area of land (in Acres) acquired | a			265
Consideration								$ 10,100,000
Anticipated gigawatt under development at site | GWh			1
Number of megawatts construction under initial phase of development of facility | MWh			400
Costs incurred for land								102,000,000
Initial development costs and equipment								87,200,000
Deposit for future power usage		$ 4,700,000		$ 4,700,000		$ 4,700,000		$ 4,700,000

Property and Equipment - Schedu

Property and Equipment - Schedule of property and equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Total cost of property and equipment	$ 944,011	$ 814,735
Less accumulated depreciation	(244,374)	(122,180)
Property and equipment, net	699,637	692,555
Buildings and building improvements [Member]
Property, Plant and Equipment [Line Items]
Total cost of property and equipment	312,128	229,685
Land rights and land improvements [Member]
Property, Plant and Equipment [Line Items]
Total cost of property and equipment	10,164	10,164
Miners and mining equipment [Member]
Property, Plant and Equipment [Line Items]
Total cost of property and equipment	491,783	441,324
Machinery and facility equipment [Member]
Property, Plant and Equipment [Line Items]
Total cost of property and equipment	38,030	35,125
Office and computer equipment [Member]
Property, Plant and Equipment [Line Items]
Total cost of property and equipment	1,649	1,206
Construction in progress [Member]
Property, Plant and Equipment [Line Items]
Total cost of property and equipment	$ 90,257	$ 97,231

Finite-Lived Intangible Asset_2

Finite-Lived Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 1.4	$ 0.3	$ 2.9	$ 0.7

Finite-Lived Intangible Asset_3

Finite-Lived Intangible Assets - Schedule of finite-lived intangible assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross book value	$ 24,060	$ 24,060
Accumulated amortization	(5,438)	(2,583)
Net book value	18,622	21,477
Customer contracts [Member]
Finite-Lived Intangible Assets [Line Items]
Gross book value	6,300	6,300
Accumulated amortization	(982)	(671)
Net book value	$ 5,318	$ 5,629
Weighted-average life (years)	10 years	10 years
Trademark [Member]
Finite-Lived Intangible Assets [Line Items]
Gross book value	$ 5,000	$ 5,000
Accumulated amortization	(792)	(542)
Net book value	$ 4,208	$ 4,458
Weighted-average life (years)	10 years	10 years
UL Listings [Member]
Finite-Lived Intangible Assets [Line Items]
Gross book value	$ 2,700	$ 2,700
Accumulated amortization	(357)	(244)
Net book value	$ 2,343	$ 2,456
Weighted-average life (years)	12 years	12 years
Patents [Member]
Finite-Lived Intangible Assets [Line Items]
Gross book value	$ 10,060	$ 10,060
Accumulated amortization	(3,307)	(1,126)
Net book value	$ 6,753	$ 8,934

Finite-Lived Intangible Asset_4

Finite-Lived Intangible Assets - Schedule of estimated future amortization of finite-lived intangible assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Schedule Of Intangible Assets [Abstract]
Remainder of 2023	$ 3,535
2024	5,815
2025	1,355
2026	1,355
2027	1,355
Thereafter	5,207
Total	$ 18,622	$ 21,477

Power Supply Contract (Details)

Power Supply Contract (Details) $ in Thousands	1 Months Ended			3 Months Ended		6 Months Ended
	Nov. 30, 2022 MWh	Mar. 31, 2022 MWh	May 31, 2020 MWh	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) MWh	Jun. 30, 2022 USD ($)
Power Supply Contract [Line Items]
Power curtailment credits | $				$ (13,470)	$ (5,706)	$ (16,545)	$ (8,258)
Discount Rate [Member]
Power Supply Contract [Line Items]
Derivative Asset, Measurement Input				0.233		0.233
Power Supply Agreement | TXU Energy Retail Company LLC [Member] | Rockdale Facility Bitcoin Mining Facility Texas Member
Power Supply Contract [Line Items]
Capacity of electricity agreed to provide or deliver (MW)			130			345
Capacity of electricity delivery, increased portion	150	65

Power Supply Contract - Schedul

Power Supply Contract - Schedule of Changes in Estimated Fair Value of Derivative Asset (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Schedule Of Changes In Estimated Fair Value Of Derivative Asset Abstract
Beginning Balance			$ 97,497
Change in fair value of derivative asset	$ 13,109	$ 60,931	7,331	$ 104,614
Ending Balance	$ 104,828		$ 104,828

Long-Term Assets (Details)

Long-Term Assets (Details) $ in Thousands	1 Months Ended		6 Months Ended
	Jul. 31, 2023 USD ($) MWh	Jan. 31, 2023 item	Jun. 30, 2023 USD ($) MWh item	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Long-Term Assets (Details) [Line Items]
Security Deposit				$ 2,700
Ground Leases			$ 1,800
Purchase of miners				33,273
Oncor
Long-Term Assets (Details) [Line Items]
Security Deposit					$ 3,100
MicroBT Electronics Technology Co., LTD [Member]
Long-Term Assets (Details) [Line Items]
Purchase of miners	$ 48,900
Midas Green Technologies, LLC [Member]
Long-Term Assets (Details) [Line Items]
Purchase of miners	$ 20,800
Purchase of immersion cooling systems | MWh	200
Corsicana Facility Land Site [Member]
Long-Term Assets (Details) [Line Items]
Security Deposit				$ 4,700
Power Supply Agreement with TXU
Long-Term Assets (Details) [Line Items]
Security Deposit			$ 23,000
Additional increased mining capacity | MWh			215
Number of Megawatts capacity | item			345
Rockdale Facility Bitcoin Mining Facility Texas Member
Long-Term Assets (Details) [Line Items]
Reclassification to property and equipment			$ 33,300
Number Of Miners Acquired And Received | item		5,130

Long-Term Assets - Schedule of

Long-Term Assets - Schedule of deposits on equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Schedule Of Deposits On Equipment Abstract
Deposits on equipment		$ 33,273
Security deposits	$ 30,414	9,160
Total deposits	$ 30,414	$ 42,433

Accrued Expenses - Schedule of

Accrued Expenses - Schedule of accrued expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Schedule of Accrued Expenses [Abstract]
Construction in progress	$ 7,353	$ 16,621
Power related costs and remittances	2,981	32,632
Accrued compensation	6,491	8,582
Insurance	928	3,660
Other	9,554	3,969
Total accrued expenses	$ 27,307	$ 65,464

Debt (Details)

Debt (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Debt
Amount borrowed	$ 10
Borrowing	0.9
Outstanding balance	0
Payments of credit and security facility	0.5
Maximum
Debt
Outstanding balance		$ 0.1
Revolving credit facility
Debt
Amount borrowed	$ 6
Term of debt	1 year
Interest rate of debt during the period	4%
Interest rate at end of period	7.50%
Manufacturing term loans
Debt
Term of debt	5 years
Interest rate of debt during the period	2.50%
Outstanding balance	$ 0
Equipment term loans
Debt
Amount borrowed	$ 4
Term of debt	3 years
Line of credit facility, term	1 year
Interest rate of debt during the period	2.50%
Interest rate at end of period	7.50%
Percentage of finance approved for purchases	80%
Revolving line of credit	$ 0.4
Equipment term loan fixed interest rate	6.60%
Equipment term loan outstanding	$ 0.4
Deferred financing costs	0.1
Equipment term loans | Accrued liabilities [Member]
Debt
Equipment term loan, current	0.1
Equipment term loans | Other noncurrent liabilities [Member]
Debt
Other long term debt, net	$ 0.3
Equipment term loans | Maximum
Debt
Term of debt	3 years
Interest rate of debt during the period	4%

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	Jul. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets		$ 21,221	$ 21,673
Operating lease liabilities		$ 21,853	$ 22,300
Office space lease [Member]
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets	$ 600
Operating lease liabilities	$ 600
Operating lease term of contract	5 years

Leases - Schedule of lease expe

Leases - Schedule of lease expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Schedule Of Lease Expense Abstract
Operating lease cost	$ 951	$ 803	$ 1,855	$ 1,425
Variable lease cost	49	31	104	76
Operating lease expense	$ 1,000	$ 834	$ 1,959	$ 1,501

Leases - Schedule of other info

Leases - Schedule of other information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Schedule of Other Information [Abstract]
Operating cash outflows for operating leases	$ 920	$ 719	$ 1,794	$ 719
Right of use assets exchanged for new operating lease liabilities			$ 682	$ 8,784
Weighted-average remaining lease term - operating leases	7 years 10 months 24 days	9 years 3 months 18 days	7 years 10 months 24 days	9 years 3 months 18 days
Weighted-average discount rate - operating leases	6.60%	6.50%	6.60%	6.50%

Leases - Schedule of future min

Leases - Schedule of future minimum operating lease payments (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Schedule of future minimum operating lease payments [Line Items]
Remainder of 2023	$ 1,832
2024	3,699
2025	3,405
2026	3,392
2027	3,331
Thereafter	12,845
Total undiscounted lease payments	28,504
Less present value discount	(6,651)
Present value of lease liabilities	21,853	$ 22,300
Ground lease [Member]
Schedule of future minimum operating lease payments [Line Items]
Remainder of 2023	970
2024	1,998
2025	2,058
2026	2,119
2027	2,183
Thereafter	9,618
Total undiscounted lease payments	18,946
Less present value discount	(5,719)
Present value of lease liabilities	13,227
Office and other leases [Member]
Schedule of future minimum operating lease payments [Line Items]
Remainder of 2023	862
2024	1,701
2025	1,347
2026	1,273
2027	1,148
Thereafter	3,227
Total undiscounted lease payments	9,558
Less present value discount	(932)
Present value of lease liabilities	$ 8,626

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended		12 Months Ended
	Jul. 31, 2023	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2021
Stockholders' Equity [Line Items]
Issuance expense (in Dollars)			$ 3,769	$ 5,715
Proceeds from the sale of stock (in Dollars)			$ 188,430	$ 272,737
Acquisition of ESS Metron [Member]
Stockholders' Equity [Line Items]
Equity interests, Percentage					100%
Number of shares acquired (in Shares)					715,413
Number of shares withheld for indemnification security					70,165
Number of shares withheld for indemnification security, term					18 months
Number of shares (in Shares)			70,165
Sales Agents | Common Stock | 2022 ATM Offering
Stockholders' Equity [Line Items]
Proceeds from the sale of stock net (in Dollars)	$ 6,600		$ 184,700
Maximum amount of sales shares (in Dollars)	6,700	$ 500,000	188,400
Issuance expense (in Dollars)	$ 100		$ 3,700
Stock issued during period, shares	570,645		15,877,000
Weighted average price (in Dollars per share)	$ 11.78		$ 11.87
Board of directors, officers, employees, and advisors [Member] | Restricted Stock [Member]
Stockholders' Equity [Line Items]
Stock issued during period, shares			4,600,000
Number of shares held to cover withholding taxes related to the settlement of restricted stock units			1,200,000
Proceeds from the sale of stock (in Dollars)			$ 12,800

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) shares in Millions, $ in Millions	1 Months Ended	6 Months Ended
	Jul. 31, 2023	Jun. 30, 2023
Performance-based stock awards [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation cost (in Dollars)		$ 0
Expiration period		3 years
Service-based awards [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation cost (in Dollars)		$ 29.8
Unrecognized compensation cost, period for recognition		12 months
Vesting rights, percentage	33.33%
Aggregate grant date fair value	$ 19.7
Service period	3 years
Service-based awards [Member] | Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expiration period		1 year
Service-based awards [Member] | Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expiration period		2 years
Total shareholder return based awards [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Performance period		3 years
Aggregate grant date fair value	$ 38
Total shareholder return based awards [Member] | Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting rights, percentage		0%
Total shareholder return based awards [Member] | Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting rights, percentage		200%
Total shareholder return based restricted stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares of restricted common stock	1.7
Total shareholder return based restricted stock units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares of restricted common stock	0.2
Service based restricted stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares of restricted common stock	0.8
Service based restricted stock units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares of restricted common stock	0.1

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Recognized Stock-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation	$ 3,429	$ 701	$ 1,133	$ 3,743
Performance-based awards [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation	(5,459)	2,656	(16,349)	3,938
Service-based awards [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation	$ 8,888	$ (1,955)	$ 17,482	$ (195)

Stock-Based Compensation - Sc_2

Stock-Based Compensation - Schedule of Performance-based awards (Details) - Performance-based stock awards [Member]	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares, Beginning Balance | shares	3,918,935
Weighted Average Grant-Date Fair Value, Beginning Balance | $ / shares	$ 25.92
Number of Shares, Granted | shares	380,700
Weighted Average Grant-Date Fair Value, Granted | $ / shares	$ 8.07
Number of Shares, Vested | shares	(373,520)
Weighted Average Grant-Date Fair Value, Vested | $ / shares	$ 25.78
Number of Shares, Forfeited | shares	(231,800)
Weighted Average Grant-Date Fair Value, Forfeited | $ / shares	$ 34.89
Number of Shares, Ending Balance | shares	3,694,315
Weighted Average Grant-Date Fair Value, Ending Balance | $ / shares	$ 23.54

Stock-Based Compensation - Sc_3

Stock-Based Compensation - Schedule of Service-based awards (Details) - Service-based awards [Member]	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares, Beginning Balance | shares	8,855,744
Weighted Average Grant-Date Fair Value, Beginning Balance | $ / shares	$ 6.84
Number of Shares, Granted | shares	378,889
Weighted Average Grant-Date Fair Value, Granted | $ / shares	$ 4.89
Number of Shares, Vested | shares	(4,227,077)
Weighted Average Grant-Date Fair Value, Vested | $ / shares	$ 6.85
Number of Shares, Forfeited | shares	(779,297)
Weighted Average Grant-Date Fair Value, Forfeited | $ / shares	$ 6.81
Number of Shares, Ending Balance | shares	4,228,259
Weighted Average Grant-Date Fair Value, Ending Balance | $ / shares	$ 6.75

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of assets and liabilities measured at fair value on recurring basis (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Schedule of assets and liabilities measured at fair value on recurring basis [Line Items]
Derivative asset	$ 104,828	$ 97,497
Contingent consideration liability	909	24,935
Quoted prices in active markets (Level 1) [Member]
Schedule of assets and liabilities measured at fair value on recurring basis [Line Items]
Derivative asset
Contingent consideration liability
Significant other observable inputs (Level 2) [Member]
Schedule of assets and liabilities measured at fair value on recurring basis [Line Items]
Derivative asset
Contingent consideration liability
Significant unobservable inputs (Level 3) [Member]
Schedule of assets and liabilities measured at fair value on recurring basis [Line Items]
Derivative asset	104,828	97,497
Contingent consideration liability	$ 909	$ 24,935

Commitments and Contingencies_2

Commitments and Contingencies (Details) $ in Millions					1 Months Ended	6 Months Ended
	Jun. 13, 2023 USD ($)	Jun. 12, 2023 USD ($) item	Jun. 09, 2023 USD ($)	Mar. 31, 2023 USD ($)	May 31, 2021 USD ($)	Jun. 30, 2023 USD ($)	May 02, 2023 USD ($)	Apr. 05, 2023 USD ($)
Commitments and Contingencies (Details) [Line Items]
Annual lease payments						$ 2.1
SBI Crypto Co Litigation [Member] | Profit Loss [Member]
Commitments and Contingencies (Details) [Line Items]
Loss contingency estimate of possible loss								$ 15
SBI Crypto Co Litigation [Member] | Equipment Damage [Member]
Commitments and Contingencies (Details) [Line Items]
Loss contingency estimate of possible loss								$ 16
Rhodium Litigation [Member]
Commitments and Contingencies (Details) [Line Items]
Loss contingency estimate of possible loss							$ 26
Northern data working capital disputes [Member]
Commitments and Contingencies (Details) [Line Items]
Final determination			$ 27.1	$ 29.5
Gain on acquisition post-close dispute settlement			$ 26
G M O [Member]
Commitments and Contingencies (Details) [Line Items]
Loss contingency estimate of possible loss	$ 150
Loss contingency damages	$ 25
Minimum | Rhodium Litigation [Member]
Commitments and Contingencies (Details) [Line Items]
Loss contingency estimate of possible loss		$ 7
Loss contingency estimate of possible loss, figures in lost profits | item		7
Maximum | Rhodium Litigation [Member]
Commitments and Contingencies (Details) [Line Items]
Loss contingency estimate of possible loss		$ 10
Loss contingency estimate of possible loss, figures in lost profits | item		8
Acquisition Of Whinstone Member
Commitments and Contingencies (Details) [Line Items]
Additional consideration paid					$ 86
Future power credits to be received						$ 1.2
Future power credits to be received, term						12 years
Discount rate of contigent consideration						8%
Whinstone Us Llc Member | Discount Rate [Member]
Commitments and Contingencies (Details) [Line Items]
Discount rate						2.50%

Commitments and Contingencies -

Commitments and Contingencies - Estimated Fair Value Contingent Consideration Liability (Details) - Fair Value, Inputs, Level 3 [Member] $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Commitments and Contingencies (Details) [Line Items]
Balance as of December 31, 2022	$ 24,935
Change in contingent consideration	(24,026)
Balance as of June 30, 2023	$ 909

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Deferred income tax benefit (expense)	$ 0	$ 6,626	$ 5,045	$ 6,626

Earnings Per Share (Details)

Earnings Per Share (Details) - shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares not included in the computation of EPS	5,603,298	4,307,534
Warrants to purchase common stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares not included in the computation of EPS	63,000	63,000
Unvested restricted stock awards [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares not included in the computation of EPS	5,540,298
Unvested restricted stock units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares not included in the computation of EPS		4,244,534

Segment Information (Details)

Segment Information (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2023 customer	Jun. 30, 2022 customer	Jun. 30, 2023 customer segment	Jun. 30, 2022 customer
Segment Reporting [Abstract]
Number of reportable segments | segment			3
Number of customers over 10% of total revenues | customer	0	0	0	0

Segment Information - Schedule

Segment Information - Schedule of reportable segments and operating income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Reportable segment revenue:
Total segment and consolidated revenue	$ 76,739	$ 72,947	$ 149,975	$ 152,734
Total segment and consolidated cost of revenues	63,963	48,354	127,085	93,982
Reconciling Items:
Acquisition-related costs				(78)
Selling, general, and administrative	(19,836)	(10,713)	(32,511)	(21,545)
Depreciation and amortization	(66,162)	(20,562)	(125,502)	(34,807)
Change in fair value of derivative asset	13,109	60,931	7,331	104,614
Power curtailment credits	13,470	5,706	16,545	8,258
Change in fair value of contingent consideration				(176)
Realized gain on sale of Bitcoin	19,828	15,260	33,603	24,925
Gain (loss) on sale/exchange of equipment	(30)	8,614	(30)	8,614
Casualty-related charges (recoveries), net			(1,526)
Impairment of Bitcoin	(5,638)	(101,419)	(10,110)	(127,289)
Impairment of goodwill		(335,648)		(335,648)
Interest income (expense)	4,843		1,013	(357)
Realized loss on sale of marketable equity securities		(1,624)		(1,624)
Unrealized loss on marketable equity securities		(4,837)		(6,448)
Other income (expense)	65	(59)	65	(59)
Current income tax benefit (expense)	(112)	(427)	(188)	(739)
Deferred income tax benefit (expense)	0	6,626	5,045	6,626
Net income (loss)	(27,687)	(353,559)	(83,375)	(316,981)
Bitcoin Mining [Member]
Reportable segment revenue:
Total segment and consolidated revenue	49,742	46,151	97,765	104,096
Total segment and consolidated cost of revenues	33,482	20,913	62,173	44,844
Data Center Hosting [Member]
Reportable segment revenue:
Total segment and consolidated revenue	39,387	23,577	76,383	44,616
Total segment and consolidated cost of revenues	44,026	26,012	90,847	47,504
Engineering [Member]
Reportable segment revenue:
Total segment and consolidated revenue	20,183	19,512	41,539	34,750
Total segment and consolidated cost of revenues	18,932	16,983	37,818	30,535
Other revenue [Member]
Reportable segment revenue:
Total segment and consolidated revenue	24	24	48	48
Eliminations [Member]
Reportable segment revenue:
Total segment and consolidated revenue	(32,597)	(16,317)	(65,760)	(30,776)
Total segment and consolidated cost of revenues	$ (32,477)	$ (15,554)	$ (63,753)	$ (28,901)

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (27,687)	$ (353,559)	$ (83,375)	$ (316,981)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false